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 601:

  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 602: An increase in government expenditure will lead to? Options:
  A) investment opportunities for foreign investors
  B) an increase in the level of aggregate demand
  C) an increase in total tax revenue
  D) reduction in total tax revenue
  Show Answer
  The correct answer is B .
• Question 603: Agriculture is central to Nigeria''s economic development because? Options:
  A) Nigeria''s comparative advantage lies mainly in agro-allied industries
  B) agriculture is the largest employer of labour
  C) agriculture accounts for an insignificant domestic product
  D) Nigeria earns limitless foreign exchange from agriculture
  Show Answer
  The correct answer is B .
• Question 604: A major characteristic of a mixed economy is that Options:
  A) economic decisions are made by both the rich and the poor
  B) both primary and secondary production are undertaken
  C) the federal and the state governments undertaken joint projects
  D) economic activities are undertaken by both the public and private sectors
  Show Answer
  The correct answer is D .
• Question 605:

  

  In the diagram above, profit is maximized at the output level

  Options:
  A) ON
  B) OK
  C) OL
  D) OF
  Show Answer
  The correct answer is C .
• Question 606:

  A market is in disequilibrium if

  Options:
  A) the quantity purchased is greater than quantity sold
  B) the quantity sold differs from the quantity purchased
  C) at a lower price, a large quantity is sold
  D) the quantity demanded differs from the quantity supplied
  Show Answer
  The correct answer is D .
• Question 607: The best way to reduce the supply of money in the economy is to? Options:
  A) increase the liquidity ratio
  B) increase the number of bank-notes and cheques produced
  C) decrease treasury bills
  D) liberalize access to credit
  Show Answer
  The correct answer is A .
• Question 608:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 609: The losses suffered by a sole proprietor are? Options:
  A) usually equal to the amount invested
  B) usually less than the amount invested
  C) limted to the amount invested
  D) not limited to the amount invested
  Show Answer
  The correct answer is D .
• Question 610: Opportunity cost is an economic concept which describes the? Options:
  A) monetary equivalent of the utility of a commodity
  B) amount of time or money invested on a commodity
  C) sacrifice made for the satisfaction of a want
  D) cost of retaining an optimum level of production of commodities
  Show Answer
  The correct answer is C .