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:

  Petroleum 'glut' in international trade means______

  Options:
  A) Higher prices for the Consumption of petroleum.
  B) An Oversupply of petroleum.
  C) A fall in in petroleum production.
  D) A higher petroleum price offered by the buyer.
  Show Answer
  The correct answer is B .
• Question 402: The quantity theory of money states that a reduction in the quantity of money in circulation would bring about Options:
  A) A constant change in price
  B) A rise in prices
  C) An unequal fall in prices
  D) A proportionate fall in price
  Show Answer
  The correct answer is A .
• Question 403: If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then? Options:
  A) the equilibrium price and quantity will increase
  B) only the price will increase
  C) only the quantity will increase
  D) the price will remain constant
  Show Answer
  The correct answer is B .
• Question 404: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 405: Population growth is determined by_______? Options:
  A) Dependency ratio
  B) Labour force
  C) Per capita
  D) Net migration
  Show Answer
  The correct answer is D .
• Question 406:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 407: An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy. Options:
  A) capitalist
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .
• Question 408: An inverse relationship between price and quantity demanded implies that Options:
  A) the two variables change in opposite directions
  B) the two variables change in the same direction
  C) only one variable changes
  D) the two variables remain unchanged
  Show Answer
  The correct answer is A .
• Question 409:

  

  In the diagram, (III) refers to the calculation of national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 410:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the mean?

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 27.2
  Show Answer
  The correct answer is B .