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 341: The production within the domestic territory of a country is called the Options:
  A) net national product
  B) gross domestic product
  C) net income
  D) disposable income
  E) gross national product
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  The correct answer is B .
• Question 342: If the demand of a product with perfectly elastic supply increases, there will be Options:
  A) An increase in price and quantity offered
  B) An increase in quantity offered but price will remain the same
  C) A reduction in price and quantity offered
  D) An increase in price but a reduction in quantity offered for sale
  E) An increase in quantity offered but a reduction in price
  Show Answer
  The correct answer is B .
• Question 343: One of the ways by which Government derives revenue from industrial enterprises in West Africa is? Options:
  A) tariffs
  B) excise duties
  C) poll tax
  D) import duties
  E) community tax
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  The correct answer is B .
• Question 344:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
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  The correct answer is B .
• Question 345: When a consumer is at equilibrium, the MRS_xy is equal to the Options:
  A) sum of the prices
  B) product of the two prices
  C) ratio of the two prices
  D) difference of the two prices
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  The correct answer is A .
• Question 346: A change in National Income brought about by a given change in investment Is Options:
  A) APC
  B) APS
  C) MPC
  D) MPS
  E) The multiplier
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  The correct answer is E .
• Question 347: A major factor affecting the value of money is the? Options:
  A) price level
  B) banking habit
  C) transaction motive
  D) divisible nature of money
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  The correct answer is A .
• Question 348: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
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  The correct answer is B .
• Question 349: The residual of production which accrues to the owner of land after all other expenses have been met is called? Options:
  A) wages
  B) rent
  C) interest
  D) profit
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  The correct answer is B .
• Question 350: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
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  The correct answer is C .