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 481: A change from one industry to another by a worker is an example of Options:
  A) geographical mobility
  B) horizonatal mobility
  C) professional advancement
  D) veritcal mobility
  Show Answer
  The correct answer is A .
• Question 482: If real income increases while nominal income remains the same, it can be inferred that Options:
  A) Unemployment rate has decreased
  B) General prices has fallen
  C) Employment rate has risen
  D) General prices have risen
  Show Answer
  The correct answer is B .
• Question 483: One of the major effects of an increase in government expenditure on a nation’s economy is that it? Options:
  A) creates investment opportunities for foreign investors
  B) leads to indigenization of the private sector
  C) raises the level of total tax revenue
  D) raises the level of aggregate demand
  E) controls the spread of monopoly
  Show Answer
  The correct answer is D .
• Question 484:

  The petro-chemical industries are located in Rivers State of Nigeria due to ________

  Options:
  A) Coal deposit
  B) Palm oil products
  C) Favourable soil
  D) Oil deposits
  Show Answer
  The correct answer is D .
• Question 485: When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called? Options:
  A) an opportunity cost
  B) an economic rent
  C) transfer earnings
  D) surplus value
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  The correct answer is B .
• Question 486: Which of the following is correct? Options:
  A) Traditional budgeting focuses on goals and objectives
  B) Zero based budgeting produces a single level of appropriation for an activity
  C) Traditional budgeting starts with last year’s funding appropriation
  D) Zero based budgeting does not systematically consider alternatives to current operations
  Show Answer
  The correct answer is C .
• Question 487: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .
• Question 488: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
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  The correct answer is A .
• Question 489: A society which forgoes present consumption Options:
  A) is forced to do so because of excessive consumption within the country in the past
  B) is devoting new resources to new capital formation
  C) is merely devoting resources to the replacement of capital
  D) expects to consume only that amount tomorow which was forgone today
  Show Answer
  The correct answer is B .
• Question 490: When the importation of a commodity is limited to a definite quantity, the trade control means used is known as Options:
  A) exchange control
  B) tax relief
  C) devaluation
  D) quotas
  Show Answer
  The correct answer is D .