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: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .
• Question 402:

  Gross National Product (GNP) less the provision for the wear and tear of assets is the

  Options:
  A) net present value
  B) net national product
  C) net factor income
  D) net indirect taxes
  Show Answer
  The correct answer is B .
• Question 403: A demand curve slopes downwards because of ? Options:
  A) an increase inthe money income of the consumer
  B) a decrease inthe money income of the consumer
  C) the substitution effect and the rise in real income of the consumer
  D) the rise in demand for the complementary goods
  E) the increase in the demand for factors and production
  Show Answer
  The correct answer is C .
• Question 404:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 405: The choice of how to produce in a command economy is determined by Options:
  A) government
  B) consumer
  C) industrialists
  D) labour unions
  Show Answer
  The correct answer is A .
• Question 406: Concentrating industries in one place is advantageous because there are gains in terms of? Options:
  A) external economies
  B) internal economies
  C) economies of scale
  D) cost economies
  Show Answer
  The correct answer is A .
• Question 407: If a firm is faced with an elastic supply curve, its revenue will Options:
  A) be supplied at a higher price
  B) double at a higher price
  C) increase by more than the percentage increase in price
  D) equal percentage change in price
  Show Answer
  The correct answer is C .
• Question 408: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .
• Question 409: Disposable income is the same thing as Options:
  A) personal income minus personal savings
  B) personal inome minus taxes
  C) national income minus depriciation
  D) exports minus imports
  E) savings plus investments
  Show Answer
  The correct answer is B .
• Question 410: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .