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 511: A balance budget is defined as a condition of? Options:
  A) balance of payments equilibrium
  B) equality of planned aggregate demand supply
  C) equality of planned receipts and planned expenditure
  D) equality of planned exports and planned imports
  Show Answer
  The correct answer is C .
• Question 512: The law of comparative advantage states that a country should specialize in the production of a commodity Options:
  A) for which local demand is greatest
  B) in which its oportunity cost is lower than that of the trade partner
  C) for which foreign demand is greatest
  D) for which there is abundant supply of raw materials
  Show Answer
  The correct answer is B .
• Question 513: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 514:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 515:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 516:

  To control inflation, the monetary authorities of a country can

  Options:
  A) reduce taxes
  B) advise the government to increase its expenditure
  C) engage in expansive monetary policies
  D) engage in restrictive monetary policies
  Show Answer
  The correct answer is D .
• Question 517: The most popularly adopted industrialization strategy in West Africa is? Options:
  A) import substitution
  B) export promotion
  C) ports development
  D) infant industries protection
  Show Answer
  The correct answer is A .
• Question 518: The reward on machinery and equipment in the process of production is known as Options:
  A) profit
  B) interest
  C) rent
  D) wages
  Show Answer
  The correct answer is B .
• Question 519: The voting power in co-operative societies is vested on Options:
  A) management
  B) members without loan
  C) shareholders
  D) members with the highest contribution
  Show Answer
  The correct answer is C .
• Question 520: 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 .