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 2641: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 2642: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
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  The correct answer is D .
• Question 2643: Which of the following is not a type of unemployment Options:
  A) factory unemployment
  B) structural unemployment
  C) mass unemployment
  D) frictional unemployment
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  The correct answer is A .
• Question 2644:

  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 2645: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
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  The correct answer is B .
• Question 2646: An effective way of controlling inflation in a mixed economy is to Options:
  A) increase productivity
  B) reduce income tax
  C) ration available output
  D) increase imports
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  The correct answer is A .
• Question 2647: To finance a deficit balance of payment, a country may decide to Options:
  A) borrow from abroad
  B) increase its foreign investment
  C) privatizes its economy
  D) reduce domestic consumption
  E) secure more factor of production
  Show Answer
  The correct answer is C .
• Question 2648: The most important goal of OPEC is to? Options:
  A) present a united front for the purpose of raising the price of crude oil
  B) bring unity among the petroleum exporting states
  C) ensuring political stability among member states
  D) ensure that rules on quota producion are strictly followed
  Show Answer
  The correct answer is D .
• Question 2649: One of the assumptions of ordinal utility theory is that Options:
  A) choice is not consistent
  B) utility can be ranked
  C) total utility is a function of price
  D) satisfaction is measurable
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  The correct answer is B .
• Question 2650: If 100 units and units of commodity X are supplied at N80 at different times, it means that there is Options:
  A) a change in supply
  B) a change in the quantity supplied
  C) an increase in the quantity supplied
  D) a increase in the quantity supplied
  Show Answer
  The correct answer is B .