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 331: A country embarks on deficit financing in order to Options:
  A) increase revenue
  B) reduce aggregate demand
  C) curb inflation
  D) stimulate investment
  Show Answer
  The correct answer is C .
• Question 332: The sign of the slope of a graph in economic analysis is important because it Options:
  A) shows whether a good is normal or inferior
  B) shows the relationship between variables
  C) reveals the magnitude of the change between variables
  D) helps to determine the unit of measurement of variables
  Show Answer
  The correct answer is D .
• Question 333:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 334: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 335: Which of the following does NOT represent the behavior of a monopolist? Options:
  A) Manipulating the market price of his goods
  B) Manipulating both the price and quantity of his goods at the same time
  C) Raising the price at one market, lowering it at another market
  D) Manipulating only quantity, price being a given factor
  E) Manipulating the quantity of his goods
  Show Answer
  The correct answer is B .
• Question 336: As a country gets more developed, the percentage of labour engaged in agriculture tends to? Options:
  A) remain constant
  B) decrease steadily
  C) switch over to trading
  D) increase steadily
  Show Answer
  The correct answer is B .
• Question 337: A movement along the same demand curve is caused by the Options:
  A) price of the product
  B) price of other products
  C) income of the consumer
  D) taste of the consumer
  Show Answer
  The correct answer is A .
• Question 338: 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 339: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .
• Question 340: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .