Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 2501:

  To control inflation, the monetary authorities of a country can

  Options:
  A) reduce taxes
  B) advise the government to increase its expenditure
  C) engage in expansive monetary policies
  D) engage in restrictive monetary policies
  Show Answer
  The correct answer is D .
• Question 2502: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .
• Question 2503: In calculating mean one should Options:
  A) add the highest and the lowest number
  B) divide the highest and the lowest number
  C) divide the sum of the figure by the number of the figure
  D) find the most common number
  E) pick any number that has no partner
  Show Answer
  The correct answer is C .
• Question 2504:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2505: To reduce the high rate of inflation in the economy, the government should? Options:
  A) increase taxes and have a budget surplus
  B) increase taxes and have a budget defilicit
  C) decrease taxes and have a budget defilicit
  D) decrease taxes and have a balance budget
  Show Answer
  The correct answer is A .
• Question 2506: Capital provided by individuals to the firm by purchasing stocks is called? Options:
  A) debt capital
  B) fixed capital
  C) circulating capital
  D) equlity capital
  Show Answer
  The correct answer is D .
• Question 2507: Government can boost agricultural output in Nigeria primarily by Options:
  A) embarking on buffer stock programmes
  B) placing embargo on food importation
  C) granting subsidies on farm inputs
  D) placing farmers on monthly income
  Show Answer
  The correct answer is C .
• Question 2508: If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is? Options:
  A) C + I + X + M
  B) C + I +X - M
  C) C + I - X + M
  D) C + I + X
  Show Answer
  The correct answer is B .
• Question 2509:

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  Options:
  A) curve Z and Y
  B) curve X
  C) curve Z
  D) curve Y
  Show Answer
  The correct answer is C .
• Question 2510: Population density refers to Options:
  A) total population
  B) the total population divided by the total area of land
  C) the total area of land divided by the total population
  D) the population ratio of male and female
  E) optimum Population level
  Show Answer
  The correct answer is B .