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 71: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 72:

  Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.

  Find the average total cost of producing one units?

  Options:
  A) N 60
  B) N 45
  C) N 35
  D) N 30
  Show Answer
  The correct answer is C .
• Question 73: Which of the following is used for measuring national income? Options:
  A) Output, income and wages
  B) Import, expenditure and output
  C) Income, output and expenditure
  D) Export, Import and output
  Show Answer
  The correct answer is C .
• Question 74: Which of the following is NOT true about specialization or division of labour? Options:
  A) Specialization and exchange go hand in hand
  B) Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
  C) Division of labour needs not take account of the extent of the market
  D) Division of labour results in increased productivity
  E) Division of labour involves the danger of unemployment
  Show Answer
  The correct answer is C .
• Question 75: Cost push inflation takes place due to? Options:
  A) the rapid increase in the demand for goods
  B) an increase in productivity of the factors of production
  C) a rise in the cost of production
  D) a rise in the standard of living
  E) the low wage rate of the workers
  Show Answer
  The correct answer is C .
• Question 76: Monetary policy does NOT involve Options:
  A) increasing the import duties
  B) buying or selling treasury bills by the Central Bank
  C) printing of more currency note
  D) increasing or decreasing cash reserve ratio by the Central Bank
  E) raising the level of interest
  Show Answer
  The correct answer is A .
• Question 77: In any economy, what is used as money is determined by? Options:
  A) government acceptance commodity standard
  B) government acceptance of an inconvertible paper standard
  C) laws and customs
  D) its use as a store of value
  Show Answer
  The correct answer is A .
• Question 78: The National Electric Power Authority (NEPA) is a? Options:
  A) Public limited company
  B) Public liability company
  C) Private authority
  D) Public corporation
  E) Federal government authority
  Show Answer
  The correct answer is D .
• Question 79:

  Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

  Options:
  A) 70
  B) 47
  C) 74
  D) 40
  Show Answer
  The correct answer is C .
• Question 80: In a joint stock company, preference shareholders are those who receive? Options:
  A) high dividends when profits are high and little or nothing when profits are low
  B) a fixed rate of individend and have the first claim on the net profits of the company
  C) the remaining profits after all other shareholders have been paid
  D) dividends quarterly when others receive annually
  Show Answer
  The correct answer is B .