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 2061: If technology becomes less capital-intensive, it means? Options:
  A) an increase in the capital/labour ratio
  B) an increase in the capital/ratio
  C) a fall in the labour/capital ratio
  D) increased unemployment
  Show Answer
  The correct answer is B .
• Question 2062: In estimating the national income of a country, the three approaches usually adopted are the? Options:
  A) expenditure, value-added and output
  B) income, final product and output
  C) expenditure,income and output
  D) avoiding of double counting, final expenditure and value added
  Show Answer
  The correct answer is C .
• Question 2063: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 2064: 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
  Show Answer
  The correct answer is D .
• Question 2065: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 2066:

  

  From the table above, Calculate the price elasticity of supply

  Options:
  A) 0.50
  B) 0.80
  C) 2.00
  D) 1.25
  Show Answer
  The correct answer is B .
• Question 2067:

  

  The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

  Options:
  A) The supply curve will shift from S_oS_o to S₂S₂
  B) The supply curve will shift from S_oS_o to S₁S₁
  C) The supply curve will shift fromS ₂S₂ to S₁S₁
  D) The supply curve will shift from S₁S₁ to S_oS_o
  E) The demand curve will shift from D_oD_o to D₁D₁
  Show Answer
  The correct answer is A .
• Question 2068: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 2069: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 2070: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .