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 1091: 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 1092:

  The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

  Options:
  A) Sales promotion
  B) Term of trade
  C) Export promotion
  D) International trade
  Show Answer
  The correct answer is C .
• Question 1093:

  The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

  Options:
  A) 145
  B) 15
  C) 90
  D) 6
  Show Answer
  The correct answer is B .
• Question 1094:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .
• Question 1095:

  Institutions serving as links between surplus and deficit units can be identified as

  Options:
  A) tax officers
  B) pension offices
  C) financial intermediates
  D) acceptance houses
  Show Answer
  The correct answer is C .
• Question 1096: Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because? Options:
  A) it would allowed for more money to be spent on luxuries
  B) the interest rate on the loan will increase
  C) it would decrease the demand for Nigeria's exports
  D) it would worsen Nigeria foreign exchange situation
  E) Nigerias oil would sell less in the world market
  Show Answer
  The correct answer is D .
• Question 1097: Minimum price legislation by government will Options:
  A) reduce supply
  B) increase supply
  C) reduce demand and create surplus
  D) increase demand and create scarcity
  Show Answer
  The correct answer is C .
• Question 1098: What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? Options:
  A) Deregulation
  B) import substitution
  C) Tariff reduction
  D) Backward integration
  Show Answer
  The correct answer is B .
• Question 1099: If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the Options:
  A) average variable cost is minimum
  B) marginal cost is falling
  C) average cost is minimum
  D) average fixed cost is falling
  Show Answer
  The correct answer is C .
• Question 1100: The proportion of currency in the money supply Options:
  A) is higher in developing countries than advanced countries
  B) is lower in developing countries than advanced countries
  C) is the same in both developing and advanced countries
  D) grows as the economy develope
  E) none of the above
  Show Answer
  The correct answer is A .