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 171: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 172: When the demand for a good increases owing to an increase in income, it means that Options:
  A) there is an increase in quantity demanded
  B) inflation has taken place
  C) demand has exceeded supply
  D) there is an increase in demand
  Show Answer
  The correct answer is D .
• Question 173:

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  Options:
  A) curve Z and Y
  B) curve X
  C) curve Z
  D) curve Y
  Show Answer
  The correct answer is C .
• Question 174:

  Utility is the satisfaction derived from____________

  Options:
  A) Production
  B) Distribution
  C) Consumption
  D) Demand
  Show Answer
  The correct answer is A .
• Question 175: A sustained increase in the per capita income of a country over a period of time is called? Options:
  A) economic growth
  B) economic development
  C) structural change
  D) stagflation
  Show Answer
  The correct answer is A .
• Question 176: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 177: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 178:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 179:

  The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .
• Question 180: The Gross Domestic Product is defined as the total value of? Options:
  A) all final goods and services produced in a country during the year
  B) all assets of a country in a particular year
  C) exports net of total value of imports
  D) all receipts
  Show Answer
  The correct answer is A .