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 941: One of the major factors that brings about changes in supply is Options:
  A) market discrimination
  B) availability of storage facilities
  C) the cost of storage
  D) incentives granted to workers
  Show Answer
  The correct answer is C .
• Question 942: A major advantage of industrialization is that it Options:
  A) leads to self-reliance
  B) curbs inflation
  C) leads to growth and development
  D) improves the terms of trade
  Show Answer
  The correct answer is C .
• Question 943: Which of the following item in the balance of payment of account is an invisible transaction? Options:
  A) Import of cars
  B) Export of cocoa
  C) Export of crude petroleum
  D) Tourism
  E) Import of building materials
  Show Answer
  The correct answer is D .
• Question 944: One way of solving the problem of double counting is by Options:
  A) Value-added method
  B) Income method
  C) Output method
  D) Expenditure method
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  The correct answer is A .
• Question 945: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
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  The correct answer is E .
• Question 946:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 947: Import substitution policy is used to Options:
  A) protect local industries
  B) check government expenditure
  C) correct the balance of payments problem
  D) encourage increased volume of trade
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  The correct answer is C .
• Question 948: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
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  The correct answer is E .
• Question 949: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 950: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .