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:

  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 72:

  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 73: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .
• Question 74: The difference between Gross National Income and Gross Domestic Product is known as Options:
  A) capital consumption
  B) debt repayments
  C) Investment abroad
  D) net income from abroad
  E) net saving
  Show Answer
  The correct answer is D .
• Question 75:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 76: The major contribution of the petroleum industry to the Nigerian economy is the Options:
  A) generation of revenue for the oil companies
  B) provision of employment opportunities for communites
  C) generation of revenue for government
  D) promotion of industrial harmony
  Show Answer
  The correct answer is C .
• Question 77:

  Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  Options:
  A) scarce
  B) unlimited
  C) free
  D) many
  Show Answer
  The correct answer is A .
• Question 78: The law of comparative advantage states that a country should specialize in the production of a commodity Options:
  A) for which local demand is greatest
  B) in which its oportunity cost is lower than that of the trade partner
  C) for which foreign demand is greatest
  D) for which there is abundant supply of raw materials
  Show Answer
  The correct answer is B .
• Question 79: The price elasticity of supply of perishable goods is_________? Options:
  A) Elastic
  B) Unitary
  C) Inelastic
  D) Zero
  Show Answer
  The correct answer is D .
• Question 80:

  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 .