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 41: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  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 42: Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be Options:
  A) The same as equilibrium supply
  B) Greater than equilibrium supply
  C) Less than the equilibrium supply
  D) Determined later by government
  E) None of these
  Show Answer
  The correct answer is C .
• Question 43: Which of the following will NOT be a barrier to international trade? Options:
  A) Communication hindrances
  B) Easy conversion of currencies
  C) Geographical locations
  D) Ideological differences
  E) Imposition of duties and quotas
  Show Answer
  The correct answer is B .
• Question 44:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 45:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .
• Question 46: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .
• Question 47:

  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 48:

  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 49:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 50:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .