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 2531:

  Inflation can be curbed by _______

  Options:
  A) Deficit budget
  B) Paying higher wages
  C) Increased aggregate demand
  D) Reducing aggregate demand
  Show Answer
  The correct answer is D .
• Question 2532: A fall in the marginal propensity to save will lead to? Options:
  A) a decrease in national income
  B) an increase in national income
  C) no change in national income
  D) an increase in disposable income
  Show Answer
  The correct answer is A .
• Question 2533: The short-run equilibrium in a perfectly competitive market requires that? Options:
  A) marginal cost be equal to total revenue
  B) marginal cost and marginal revenue be equal
  C) costs are mutually determined by buyers and sellers
  D) the marginal cost curve cuts the total cost curve
  Show Answer
  The correct answer is A .
• Question 2534: The transfer to public shareholding corporations to private enterprises is Options:
  A) concession
  B) incorporation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 2535: Which of the following is NOT a function of marketing boards in Nigeria? Options:
  A) Fixing of prices for farm produce
  B) Grading of farm produce
  C) Importation of farm produce
  D) Marketing of farm produce
  E) Price stabilization
  Show Answer
  The correct answer is C .
• Question 2536:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2537: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 2538: A discriminatory monopoly is characterized by Options:
  A) a common elasticity in different markets
  B) different elasticities in different markets
  C) a finite elasticity in all markets
  D) zero elasticity in all markets
  Show Answer
  The correct answer is A .
• Question 2539: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .
• Question 2540:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .