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:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 342: If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is Options:
  A) constant
  B) decreasing
  C) fluctuating
  D) increasing
  E) proportional
  Show Answer
  The correct answer is B .
• Question 343: Public enterprises are supported on the grounds that they are undertaken for Options:
  A) increasing profit of the private sector
  B) reducing the burden of the private sector
  C) improving the welfare of the people
  D) earning profit for the people
  E) earning profit for the government
  Show Answer
  The correct answer is C .
• Question 344: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
  Show Answer
  The correct answer is A .
• Question 345: The most basic concern of economists is to? Options:
  A) create human wants
  B) satisfy all human want
  C) redistribute income so that it is used correctly
  D) create perfect competition
  E) study ways of allocating scarce resources in order to satisfy human wants
  Show Answer
  The correct answer is E .
• Question 346: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .
• Question 347: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 348: If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of? Options:
  A) increasing returns to the variable factor
  B) increasing returns to scale
  C) constant returns to variable factor
  D) external economies of scale
  Show Answer
  The correct answer is A .
• Question 349:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 350:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .