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 541:

  The middlemen is responsible for

  Options:
  A) providing research facilities
  B) purchasing raw materials
  C) designing the product
  D) breaking the bulk
  Show Answer
  The correct answer is D .
• Question 542: In the equation MV = PT; V stand for Options:
  A) velocity of circulation of money
  B) velocity of price change
  C) volume of goods produced
  D) volume of money
  E) volume of transaction
  Show Answer
  The correct answer is B .
• Question 543: National Income estimates can be used to? Options:
  A) differentiate between the rich and the poor in a country
  B) prepare a country's annual budget
  C) protect the level of a country's economic develompent
  D) compare a country's growth rate with that of another over a period of time
  Show Answer
  The correct answer is D .
• Question 544: Which of the following is NOT a contribution of agriculture to industrial development? Options:
  A) provision of food for the industrial sector
  B) Provision of funds for industrial development
  C) Provision of raw materials
  D) Supply of labour to the industrial sector
  E) supply of machinery to the industrial sector
  Show Answer
  The correct answer is E .
• Question 545: The meaning of ‘wage-price spiral’ is? Options:
  A) demand pull and cost push inflation pulling each other in different director
  B) demand pull and cost push inflation intensifying each other
  C) both of them bringing about a reduction in the price level
  D) that demand pull and cost push inflation increases employment
  E) that wages and prices are rising at a proportional rate
  Show Answer
  The correct answer is B .
• Question 546:

  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
  Show Answer
  The correct answer is B .
• Question 547:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 548: If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as? Options:
  A) the productivity of labour
  B) the law of diminishing marginal utility
  C) the law diminishing returns
  D) the concept of factor intensity
  E) labour intensive production
  Show Answer
  The correct answer is C .
• Question 549:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 550: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .