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 431: In income determination theory, acceleration principles shows that Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 432: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 433:

  

  The excess profit made by the firm in the short-run is represented by

  Options:
  A) ORTZ
  B) OPVY
  C) ORTW
  D) ORSX
  Show Answer
  The correct answer is A .
• Question 434: When the demand for foreign exchange exceeds its supply, the value of the domestic currency Options:
  A) appreciates
  B) depreciates
  C) inflates
  D) expands
  Show Answer
  The correct answer is B .
• Question 435: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 436:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 437:

  

  From the diagram above, a shift in the demand curve from D_oD_o to D₁D₁ implies

  Options:
  A) a rise in the demand for the commodity
  B) a fluctuation in the demand for the commodity
  C) a fall in the demand for the commodity
  D) an equilibrrium in the demand for the commodity
  Show Answer
  The correct answer is A .
• Question 438:

  Which of the following activities will not lead to economic growth?

  Options:
  A) Massive importation of capital goods
  B) Intensive capital formation
  C) Use of modern technology
  D) Massive importation of consumer goods
  Show Answer
  The correct answer is D .
• Question 439: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 440: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .