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 2801:

  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 2802: 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 2803:

  The most important goal of OPEC is to?

  Options:
  A) present a united front for the purpose of raise prices of crude oil
  B) bring unity among the petroleum exporting countries
  C) ensure political stability among member states
  D) ensure that rules on quota production are strictly followed
  Show Answer
  The correct answer is D .
• Question 2804:

  (i) What and how much will be produced

  (ii) How will it be produced

  (iii) For whom will it be produced

  (IV) How much will be exported and consumed?

  From the above, identify the combination of basic resource allocation questions in economic analysis.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, iii and iv
  D) ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 2805: Nigeria earns the major part of her foreign exchange from the export of? Options:
  A) manpower to another countries
  B) crude oil
  C) petroleum products
  D) groundnuts and cotton
  E) palm oil and cocoa
  Show Answer
  The correct answer is B .
• Question 2806: Which of the following is an indirect tax? Options:
  A) Poll tax
  B) personal income tax
  C) Company tax
  D) excise duties
  Show Answer
  The correct answer is D .
• Question 2807:

  Use the table below to answer the question below:

  Market Demand Schedule for Commodity X:

  $\begin{array}{cc}\text{ Price N}& \text{Quantity(Million units)}\\ 60& 100\\ 50& 140\\ 40& 220\\ 30& 260\\ 20& 300\\ 10& 340\end{array}$

  If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

  Options:
  A) 0.62
  B) 0.73
  C) 1.00
  D) 1,50
  Show Answer
  The correct answer is B .
• Question 2808:

  

  In the diagram above, what is the excess demand at the price of ₦60

  Options:
  A) 200
  B) 300
  C) 600
  D) 100
  Show Answer
  The correct answer is B .
• Question 2809: Below equilibrium, the gap between aggregate demand and the full employment level of income is called the? Options:
  A) inflationary gap
  B) income gap
  C) unemployment gap
  D) deflationary gap
  Show Answer
  The correct answer is A .
• Question 2810: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .