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 2771: Data presented in a circular chart is known as Options:
  A) circular chart
  B) component chart
  C) histogram
  D) pictograph
  E) pie chart
  Show Answer
  The correct answer is E .
• Question 2772: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 2773: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C .
• Question 2774: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 2775: If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? Options:
  A) fall in both quantity of demand and total revenue
  B) fall in the quantity demanded and rise in total revenue
  C) fall in the quantity demanded and rise in marginal revenue
  D) rise in both the quantity demanded and the marginal revenue
  Show Answer
  The correct answer is A .
• Question 2776: Money market differs from capital market in that it? Options:
  A) deals with short-term loans while capital market deals with long-term funds
  B) deals with money only while capital market deals with capital as well
  C) is limited in scope while capital market is not
  D) uses interest rate while capital does not
  Show Answer
  The correct answer is A .
• Question 2777: A country's terms of trade can be improved by ____? Options:
  A) collective bargaining
  B) imposing lower export duties
  C) revelation of currency
  D) reducing demand for imported goods
  Show Answer
  The correct answer is B .
• Question 2778: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .
• Question 2779:

  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 2780: If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was Options:
  A) structurally unemployed
  B) frictionally unemployed
  C) seasonally unemployed
  D) cyclically unemployed
  Show Answer
  The correct answer is B .