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 751: Price can be defined as? Options:
  A) a rate of exchange
  B) a mediumof exchange
  C) the cost of product
  D) the standard of accounting
  Show Answer
  The correct answer is A .
• Question 752:

  A fiscal policy instrument that can influence the demand pattern in an economy is

  Options:
  A) government spending
  B) interest rate
  C) income tax
  D) tariff
  Show Answer
  The correct answer is C .
• Question 753: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 754:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 755:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 756:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 757: A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is Options:
  A) supply curve
  B) liquidity preference
  C) Budget line
  D) demand curve
  Show Answer
  The correct answer is C .
• Question 758: The output approach to measuring national income is based on the computation of Options:
  A) final output
  B) factor cost
  C) value added
  D) profits earned
  Show Answer
  The correct answer is C .
• Question 759: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
  Show Answer
  The correct answer is C .
• Question 760:

  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 .