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 401: The movement of goods and services from the producers to the consumers is referred to as Options:
  A) external trade
  B) the distribution chain
  C) the circular flow
  D) consumption
  Show Answer
  The correct answer is B .
• Question 402: The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to? Options:
  A) increase their output
  B) decrease their output
  C) keep their output constant
  D) hoard their output
  Show Answer
  The correct answer is A .
• Question 403: If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to Options:
  A) shift parallel inwards
  B) rotate outwards away from the origin
  C) rotate inwards towards the origin.
  D) shift parallel outwards
  Show Answer
  The correct answer is C .
• Question 404: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 405: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .
• Question 406:

  The purchasing power of money depends upon the__________

  Options:
  A) Value
  B) Index
  C) Price Level
  D) Wages
  Show Answer
  The correct answer is C .
• Question 407: 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 408:

  One of the major forms of migration that tends to create problem in all developing countries is that of___________

  Options:
  A) Rural-urban migration
  B) Rural-rural migration
  C) Urban-rural migration
  D) Seasonal migration
  Show Answer
  The correct answer is A .
• Question 409:

  When a member's currency is declared "scarce", it is the duty of the IMF to______

  Options:
  A) suspend the member state indefinitely
  B) ban all exports from that state
  C) suspend dealings in that currency for one year
  D) ration it among the countries demanding it
  Show Answer
  The correct answer is D .
• Question 410: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .