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 2841:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2842:

  

   

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

  Options:
  A) P₁EHP_o
  B) P_oHQ_oO
  C) P₁EQ_oO
  D) P₁ED₁P_o
  Show Answer
  The correct answer is A .
• Question 2843:

  One of the techniques of monetary control used by the central bank of Nigeria is

  Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 2844: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 2845: Which of these would not be included in the fundamental principle of a free enterprise economy Options:
  A) Private ownership of factors of production
  B) The right to organize factor for production purposes
  C) The right to make private profit
  D) Government control of mobility of factor of production
  E) Government effort to encourage competitive capitalism within the law of the country
  Show Answer
  The correct answer is D .
• Question 2846: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 2847: Cost-push inflation is caused by? Options:
  A) growth of government expenditure
  B) increase in factor prices
  C) increase in money supply
  D) hoarding
  Show Answer
  The correct answer is B .
• Question 2848: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? Options:
  A) An indifference curve
  B) An exceptional demand curve
  C) A budget line
  D) An isoquant map
  Show Answer
  The correct answer is A .
• Question 2849: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 2850:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .