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 61: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 62:

  

  The average total cost when output is 200 units in the table aboveis

  Options:
  A) N1.00
  B) N2.0
  C) N1.40
  D) N2.40
  Show Answer
  The correct answer is B .
• Question 63:

  The Nigerian bank for commerce and industry is?

  Options:
  A) a commercial bank
  B) a development bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 64: If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by Options:
  A) N4.0 milion
  B) N25. 0 milion
  C) N2.5 milion
  D) N15.0 milion
  Show Answer
  The correct answer is B .
• Question 65: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 66:

  (i) What and how much will be produced

  (ii) How will it be produced

  (iii) For whom will it be produced

  (IV) How much will be exported and consumed?

  From the above, identify the combination of basic resource allocation questions in economic analysis.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, iii and iv
  D) ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 67: The exports-promotion strategy is aimed at producing Options:
  A) consumer goods originally imported
  B) machinery for industries
  C) more goods for exports
  D) more goods domestic consumption
  Show Answer
  The correct answer is C .
• Question 68:

  The basic and essential economic problems in a community are related to choice and________

  Options:
  A) Freedom
  B) Scarcity
  C) Social class
  D) Politics
  Show Answer
  The correct answer is B .
• Question 69:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 70:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .