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 411: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .
• Question 412:

  

  The percentage contribution of the transport sector is:

  Options:
  A) 600.0
  B) 166.7
  C) 60.0
  D) 16.7
  Show Answer
  The correct answer is D .
• Question 413: The sloping downward of the demand curve implies that? Options:
  A) an increase in price leads to an increase in quantity demanded
  B) an increase in price leaves the quantity demanded unchanged
  C) a decrease in price leads to a decreased in quantity demanded
  D) a decrease in price leads to an increase in quantity demanded
  E) supplies respond by offering less commodities for sale
  Show Answer
  The correct answer is D .
• Question 414:

  A market is in disequilibrium if

  Options:
  A) the quantity purchased is greater than quantity sold
  B) the quantity sold differs from the quantity purchased
  C) at a lower price, a large quantity is sold
  D) the quantity demanded differs from the quantity supplied
  Show Answer
  The correct answer is D .
• Question 415:

  In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

  Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 416: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 417:

  The release of a liquid petroleum hydrocarbon into the environment is_______

  Options:
  A) Oil glut
  B) Oil spill
  C) Oil shock
  D) Oil wastage
  Show Answer
  The correct answer is B .
• Question 418: Economic development is defined as? Options:
  A) positive change plus growth
  B) avalibility of more goods and services
  C) outward shift of the production possibility curve
  D) growth in the national income
  Show Answer
  The correct answer is D .
• Question 419:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 420: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .