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 181:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 182:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .
• Question 183:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .
• Question 184: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
  Show Answer
  The correct answer is D .
• Question 185: When a generalization is made based on observed facts, it is known as? Options:
  A) deductive reasoning
  B) inductive reasoning
  C) theoretical reasoning
  D) normative reasoning
  Show Answer
  The correct answer is B .
• Question 186:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 187: The final stage in the production process of any commodity involves its movement from the Options:
  A) retailer to the wholesaler
  B) producer to the wholesaler
  C) retailer to the consumer
  D) wholesaler to the retailer
  Show Answer
  The correct answer is C .
• Question 188: A budget with a projected revenue in excess of its expenditure is said to be? Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 189:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 190: Which of the following producer is closest to being a monopolist? Options:
  A) A baker
  B) A wheat farmer
  C) A large chain store
  D) An automobile plant
  Show Answer
  The correct answer is D .