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: If demand increases without a change in supply, equilibrium price and quantity will Options:
  A) remain unchanged
  B) shift inward
  C) fall
  D) rise
  Show Answer
  The correct answer is D .
• Question 2622:

  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 .
• Question 2623:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 2624:

  The formular used by the Expenditure approach to calculate National income is

  Options:
  A) Y = C + I + X - M - G
  B) Y = C + X - M - I + G
  C) Y = C + I + G + X - M
  D) Y = C - I + X - M + G
  E) Y = C + G - X + M - I
  Show Answer
  The correct answer is C .
• Question 2625: 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 2626:

  An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________

  Options:
  A) Increase; decrease
  B) Decrease; decrease
  C) Increase; increase
  D) Decrease; increase
  Show Answer
  The correct answer is C .
• Question 2627: The age distribution of a country's population is of economic importance because it affects the? Options:
  A) pattern of expenditure
  B) size of the army
  C) optimum size of firms
  D) location of industries
  Show Answer
  The correct answer is A .
• Question 2628: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 2629:

  Let capital formation = CF, Production = P, C = consumption. Then CF =_______

  Options:
  A) P - C
  B) P + C
  C) PC
  D) P/C
  Show Answer
  The correct answer is A .
• Question 2630: A firm is said to be a public Joint Stock Company when it? Options:
  A) is owned by the government
  B) is operated as a public corporation
  C) is operated in a non-democratic fashion
  D) sells shares to members of the public and publishes its account
  E) is a limited liability company
  Show Answer
  The correct answer is D .