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 2171: Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will? Options:
  A) increase by N1,000
  B) decrease by N 7,000
  C) increase by N7,000
  D) increase by N 13,000
  Show Answer
  The correct answer is C .
• Question 2172: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 2173: A free trade area emerges when? Options:
  A) traders from one part of the country can move freely to other parts
  B) customs regulation are harmonized among countries
  C) a group of countries decide to remove restrictions on imports from one another
  D) the UNCTAD is in force
  Show Answer
  The correct answer is C .
• Question 2174: A consumer's scale of preference is an arrangement of his? Options:
  A) scarce resources in order of importance
  B) needs in order of importance
  C) sources of income and their importances
  D) requirements and how to satisfy them
  Show Answer
  The correct answer is B .
• Question 2175:

  The second equation of exchange is__________

  Options:
  A) MV = PT
  B) P = $\frac{M}{KR}$
  C) P = $\frac{MV}{T}$
  D) P=MV
  Show Answer
  The correct answer is B .
• Question 2176: Which would you NOT consider an agro-based industry in Nigeria? Options:
  A) a diary enterprise producing milk
  B) a yam floor mill
  C) a poultry industry
  D) a fertilizer plant
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 2177: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 2178: In the national income and product accounts, double counting is avoided if? Options:
  A) only final goods counted
  B) only intermediate goods are counted
  C) only intermediate and final goods are counted
  D) the value of all goods and services are added together
  Show Answer
  The correct answer is A .
• Question 2179: Technical progress that leads to a reduction in costs results in? Options:
  A) an increase in equilibrium price and quantity
  B) a decrease in equilibrium price and quantity
  C) an increase in equilibrium price and decrease in equilibrium quantity
  D) a decrease in equilibrium price and increase in equilibrium quantity
  Show Answer
  The correct answer is D .
• Question 2180: The basic aim of Economic Community of West African States is the Options:
  A) discouragement of trade among member states
  B) encouragement of revolts against former colonial masters
  C) establishment of its headquarters in each members state
  D) liberalization of trade among member states
  Show Answer
  The correct answer is D .