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 2971:

  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 2972: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause? Options:
  A) its exports to rise
  B) its imports to rise
  C) gold to flow into that country
  D) its currency to be in surplus
  Show Answer
  The correct answer is B .
• Question 2973: The use of tax and expenditure policy to regulate the economy is known as Options:
  A) deregulation
  B) fiscal policy
  C) monetary policy
  D) physical measures
  E) structural adjustment
  Show Answer
  The correct answer is B .
• Question 2974: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 2975: An advantage of the sole proprietorship over the partnership from of business organisation is that Options:
  A) its existence is limited by an individual's life span
  B) it relies on the decision of friends to succeed
  C) the possibility of conflict in management is virtually non-existent
  D) it enjoys limited liability for debt in the event of failure
  Show Answer
  The correct answer is C .
• Question 2976:

  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 2977:

  

  The marginal product X is

  Options:
  A) 18
  B) 20
  C) 24
  D) 25
  Show Answer
  The correct answer is C .
• Question 2978: A perfect competitor will continue to expand output up to the point where Options:
  A) TC > TR
  B) MR = AR
  C) MC < MR
  D) MC > MR
  Show Answer
  The correct answer is C .
• Question 2979:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2980:

  

  The long-run equilibrium price and quantity forthe firm are respectively

  Options:
  A) OP, OY
  B) OR, OZ
  C) OR, OX
  D) OQ, OZ
  Show Answer
  The correct answer is C .