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 531: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
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  The correct answer is A .
• Question 532: A country that is over-populated will face the problem of Options:
  A) Low birth rate
  B) Low per capita income
  C) High wage rate
  D) Full employment
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  The correct answer is B .
• Question 533:

  

  In the diagram below, the curve which represents firm's short-run averagevariable cost is curve

  Options:
  A) l
  B) ll
  C) lll
  D) IV
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  The correct answer is C .
• Question 534: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
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  The correct answer is D .
• Question 535: An increase in both the legal reserve ratio and discount rate has the effect of? Options:
  A) increasing the quantity of money in circulation
  B) decreasing the quantity of money in circulation
  C) increasing the value of money
  D) decreasing the value of money
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  The correct answer is B .
• Question 536: In a free market economy, the price system allocates resources? Options:
  A) under government's directives
  B) to ensure general welfare
  C) to their best alternatives
  D) to reduce poverty
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  The correct answer is C .
• Question 537: Which of the following is a good example of invisible item on balance of payments account? Options:
  A) Shipping and aviation
  B) Export and imports
  C) Merchandise
  D) Bullion
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  The correct answer is A .
• Question 538: The reduction of high fertility rate is a measure in population control designed to make the? Options:
  A) female population higher than the male
  B) female and male population equal
  C) male population higher than the female
  D) growth in population more sustainable
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  The correct answer is D .
• Question 539: A disadvantage of Nigeria's dependence on imported petroleum products is the Options:
  A) instability in the demand for the products
  B) dominance of multinational firms
  C) instability in the supply of the product
  D) poor maintenance of the refineries
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  The correct answer is C .
• Question 540:

  To control inflation, the monetary authorities of a country can

  Options:
  A) reduce taxes
  B) advise the government to increase its expenditure
  C) engage in expansive monetary policies
  D) engage in restrictive monetary policies
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  The correct answer is D .