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 761:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 762:

  

  The quantity supplied of a commodity increases while

  Options:
  A) production incraases
  B) demand increses
  C) price of the commodity increases
  D) population of the country increases
  E) more commodites are imported
  Show Answer
  The correct answer is C .
• Question 763:

  

  A movement from M to T implies that there has been

  Options:
  A) A decrease in supply
  B) An increase in demand
  C) A decrease in price
  D) An increase in price
  Show Answer
  The correct answer is D .
• Question 764: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
  Show Answer
  The correct answer is A .
• Question 765:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 766:

  Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  Options:
  A) scarce
  B) unlimited
  C) free
  D) many
  Show Answer
  The correct answer is A .
• Question 767: If a country has a balance of payments surplus on current account, this meansthat? Options:
  A) total invisible export is greater than invisible import
  B) the value of goods exported must be greater than the value of goods imported
  C) there must be a positive balance of capital account
  D) the aggregate of the balance of trade and the invisible balance must be positive
  Show Answer
  The correct answer is D .
• Question 768: For two substitution goods, the cross elastic of demand is? Options:
  A) greater than one but less than two
  B) zero
  C) negative
  D) positive
  E) infinity
  Show Answer
  The correct answer is D .
• Question 769:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 770: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .