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 2561: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 2562: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 2563: The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is Options:
  A) motive
  B) aim
  C) determination
  D) self discipline
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 2564: All the following are properties of an indifference curves except Options:
  A) it can intersect
  B) it slopes downward from left to right like that of a normal demand curve
  C) as it shift rightward it indicate higher and higher level of satisfaction
  D) it does not intersect
  Show Answer
  The correct answer is A .
• Question 2565: Development plans fail in Nigeria mainly because of Options:
  A) Corruption and political instability
  B) Over-dependence on foreign aid
  C) High cost of plan implementation
  D) Shortage of personnel
  Show Answer
  The correct answer is A .
• Question 2566: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 2567: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
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  The correct answer is C .
• Question 2568: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
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  The correct answer is C .
• Question 2569: A capitalist economy is one characterized by the? Options:
  A) private ownership of factors of production
  B) ownership of factors of production by rich members of the society
  C) use of capital and labour in fixed proportions during production
  D) use of capital intensive methods of production
  Show Answer
  The correct answer is A .
• Question 2570: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .