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: GDP differs from GNP because GDP Options:
  A) is inclusive of depreciation
  B) emphasizes the final goods and service produced within the country at a particular period
  C) emphasizes the goods and services within the country
  D) emphasizes the market value of all final goods and services produced by nationals
  Show Answer
  The correct answer is B .
• Question 412: A black market can occur when Options:
  A) supply is in excess of demand
  B) consumption of the commodity is restricted
  C) prices are set by government above the equilibrum
  D) prices are set by government below the equilibrium
  Show Answer
  The correct answer is B .
• Question 413: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
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  The correct answer is C .
• Question 414: Pure monopoly describes market where Options:
  A) there are many sellers and a few buyers
  B) goods are sold at different price
  C) entry is not blocked, but no one cares to enter
  D) a few sellers and one buyer exist
  E) None of the above
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  The correct answer is E .
• Question 415:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 416:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
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  The correct answer is B .
• Question 417: The amount of labour hired depends on the Options:
  A) number of skilled labour available
  B) skill of labour
  C) marginal productivity of labour
  D) price of the inputs
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  The correct answer is C .
• Question 418: The Malthusian theory was concerned about the relationship between Options:
  A) population growth rates of the rich and the poor nations
  B) population density and national income
  C) population growth rate and natural resources
  D) age distribution of population
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  The correct answer is C .
• Question 419: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
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  The correct answer is C .
• Question 420: In the short-run a firm marginal cost curve above the point of shut-down is its? Options:
  A) demand curve
  B) supply curve
  C) cost curve
  D) supply curve
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  The correct answer is B .