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 1181: If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is Options:
  A) N 214 million
  B) N 45 million
  C) N 105 million
  D) N 500 million
  Show Answer
  The correct answer is D .
• Question 1182: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 1183:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 1184: Which is NOT a function of Central Bank in West Africa Options:
  A) Dealing in foreign exchange
  B) Issuing of currency
  C) Accepting deposit from private customers
  D) Acting as government bank
  E) Acting as bankers bank
  Show Answer
  The correct answer is C .
• Question 1185: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .
• Question 1186: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 1187:

  Which of the following matters may account for changes in demand?

   

  I - changes in consumer preferences

  II - changes in real income

  III - changes in distribution of incomes

  IV - changes in levels of taxation

   

   

  Options:
  A) I, II
  B) II, III
  C) I, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 1188:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 1189: In the short-run a firm marginal cost curve above the point of shut-down is its? Options:
  A) demand curve
  B) supply curve
  C) cost curve
  D) supply curve
  Show Answer
  The correct answer is B .
• Question 1190:

  

  In a price-taking firm, the portion UT above is the firm's

  Options:
  A) average revenue curve
  B) Long-run average cost curve
  C) demand curve
  D) supply curve
  Show Answer
  The correct answer is B .