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 161: Which of the following is a set of measures of dispersion? Options:
  A) Mean and median
  B) Mean and standard deviation
  C) Range and variance
  D) Mode and mean
  Show Answer
  The correct answer is C .
• Question 162:

  In a perfect competition, the market price is determined by_______

  Options:
  A) the government
  B) the producer
  C) the consumer
  D) the market supply and demand junctions
  Show Answer
  The correct answer is D .
• Question 163: Tax which is levied on goods manufactured, sold or used within a country is? Options:
  A) sales tax
  B) excise tax
  C) direct tax
  D) income tax
  E) poll tax
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  The correct answer is B .
• Question 164: In an inflationary period which of the following statements is NOT true? Options:
  A) Wages rise simultaneously with prices
  B) The purchasing power of money diminishes
  C) More money runs after a limited quantity of goods
  D) Money supply increases
  E) Aggregate real demand exceeds aggregate real supply
  Show Answer
  The correct answer is A .
• Question 165: A classroom teacher is promoted to the rank of a principal. This is an example of Options:
  A) vertical mobility
  B) lateral mobility
  C) social mobility
  D) horizontal mobility
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  The correct answer is D .
• Question 166:

  The study of Economics becomes necessary because of the______________

  Options:
  A) Large population size of the world
  B) Scarcity of resources
  C) Opportunity cost of goods and services
  D) Need to satisfy every desire of man
  Show Answer
  The correct answer is B .
• Question 167: A deficit balance of payments is measured by subtracting the debits from the credits in the Options:
  A) current account
  B) current and capital accounts
  C) current and escrow accounts
  D) capital and escrow accounts
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  The correct answer is D .
• Question 168: In computing national income, transfers are excluded because Options:
  A) they are received only by the poor
  B) the figures reduce the size of national income
  C) it is difficult to get the exact figures
  D) they are not payments for productive activities
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  The correct answer is D .
• Question 169: When total revenue is at a maximum, marginal revenue is? Options:
  A) constant
  B) negative
  C) zero
  D) positive
  E) maximum
  Show Answer
  The correct answer is C .
• Question 170: The type of inflation that emanates from excess demand overs supply is___________? Options:
  A) Galloping inflation
  B) Imported inflation
  C) Demand-pull inflation
  D) Cost-push inflation
  Show Answer
  The correct answer is C .