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 971: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 972: 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 973:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 974: A sustained increase in the production of goods and service in a country is called economic? Options:
  A) development
  B) growth
  C) diversification
  D) planning
  Show Answer
  The correct answer is B .
• Question 975: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
  Show Answer
  The correct answer is C .
• Question 976: The basic idea behind brand differentiation under an imperfect market arrangement is to? Options:
  A) stimulate demand for rival products
  B) create demand for the particular product
  C) enable the product penetrate the market
  D) enable the product to complete with others
  Show Answer
  The correct answer is B .
• Question 977: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 978: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .
• Question 979: Which is an example of an invisible item in the trade Account of Ghana? Options:
  A) Export of Cocoa from Ghana
  B) Import of oil from Nigeria
  C) A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
  D) Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 980: A normal supply curve is usually positively sloped because the relationship between Options:
  A) price and supply is positive
  B) demand and price is positive
  C) supply and price is negative
  D) price and demand is negative
  Show Answer
  The correct answer is A .