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 311: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 312: Statutory organisations usually established by Acts of Parliament are called Options:
  A) public corporations
  B) cooperative societies
  C) joint-stock companies
  D) public enterprises
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  The correct answer is A .
• Question 313: 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
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  The correct answer is B .
• Question 314: The use of government revenue and expenditure to achieve set objectives is known as Options:
  A) budget
  B) fiscal policy
  C) revenue allocation
  D) monetary policy
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  The correct answer is B .
• Question 315: A budget with a projected revenue in excess of its expenditure is said to be? Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
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  The correct answer is B .
• Question 316:

  Economics problems arise in all societies because

  Options:
  A) resources are mismanaged by leaders
  B) there is no proper planning
  C) resource are not in adequate supply
  D) the services of economists are not employed
  Show Answer
  The correct answer is C .
• Question 317: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
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  The correct answer is A .
• Question 318: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
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  The correct answer is E .
• Question 319:

  Which of the following is an example of free good?

  Options:
  A) Free education
  B) Water in the ocean
  C) Dinner you did not pay for
  D) Your rented apartment
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  The correct answer is B .
• Question 320:

  The transfer of public share holding in corporations to private enterprise is___________?

  Options:
  A) Incorporation
  B) Concession
  C) Privatization
  D) Commercialization
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  The correct answer is C .