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 2621: An inverse relationship between price and quantity demanded implies that Options:
  A) the two variables change in opposite directions
  B) the two variables change in the same direction
  C) only one variable changes
  D) the two variables remain unchanged
  Show Answer
  The correct answer is A .
• Question 2622: A situation in which all inputs are doubled and output also doubles is known as? Options:
  A) constant proportions
  B) constant returns
  C) increasing returns to scale
  D) constant returns to scale
  Show Answer
  The correct answer is D .
• Question 2623:

  Division of Labour is limited by the________

  Options:
  A) Size of labour firm
  B) Availability of raw material
  C) Size of the labour force
  D) Absolute size of the country's population
  Show Answer
  The correct answer is C .
• Question 2624: Cost push inflation takes place due to? Options:
  A) the rapid increase in the demand for goods
  B) an increase in productivity of the factors of production
  C) a rise in the cost of production
  D) a rise in the standard of living
  E) the low wage rate of the workers
  Show Answer
  The correct answer is C .
• Question 2625: Statistical information available in most West African countries suggests that? Options:
  A) the marginal propensity to save is high
  B) the marginal propensity to consume is high
  C) the consumption pattern is negative
  D) there exists perfect correlation between consumption and savings
  Show Answer
  The correct answer is B .
• Question 2626:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2627: The major contribution of the petroleum industry to the Nigerian economy is the Options:
  A) generation of revenue for the oil companies
  B) provision of employment opportunities for communites
  C) generation of revenue for government
  D) promotion of industrial harmony
  Show Answer
  The correct answer is C .
• Question 2628: Which of the following is NOT an advantage of localization of industry? Options:
  A) Availability of social amenities
  B) Development of subsidiary industries
  C) Highly organized markets
  D) supply of skilled labour
  E) traffic De-congestion
  Show Answer
  The correct answer is E .
• Question 2629:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2630:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .