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 561: A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is Options:
  A) supply curve
  B) liquidity preference
  C) Budget line
  D) demand curve
  Show Answer
  The correct answer is C .
• Question 562: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
  Show Answer
  The correct answer is B .
• Question 563: If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to Options:
  A) technical progress
  B) size of the population
  C) amount of natural resources
  D) the environment
  E) the quality of human resources
  Show Answer
  The correct answer is C .
• Question 564:

  

  The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

  Options:
  A) 2 units of rice
  B) 5 units of beans
  C) 17 units of rice
  D) 20 units of beans
  Show Answer
  The correct answer is A .
• Question 565: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 566: Which of the following set of statistical tools is used for further economic analysis? Options:
  A) the median and standard deviation
  B) the mean and mode
  C) the mean and standard deviation
  D) the mode and median
  Show Answer
  The correct answer is B .
• Question 567: In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are? Options:
  A) profitable to the production process
  B) purchased for the purpose of production
  C) combined in the production process
  D) provided adequately for the production process
  E) brought into the factory
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  The correct answer is C .
• Question 568: Which of the following budgets will increase government expenditure? Options:
  A) zero base budget
  B) surplus budget
  C) deficit budget
  D) balanced policy
  Show Answer
  The correct answer is C .
• Question 569: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .
• Question 570: In economics, the “how” or input question refers to: Options:
  A) The problem of allocating scarce resources among competing uses
  B) The way in which factors of production may be combined to produce output
  C) The way in which a firm decides on its profit maximising rate of output
  D) The problem of how output is distributed among individuals and groups in society.
  Show Answer
  The correct answer is B .