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 841:

  

  The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

  Options:
  A) The supply curve will shift from S_oS_o to S₂S₂
  B) The supply curve will shift from S_oS_o to S₁S₁
  C) The supply curve will shift fromS ₂S₂ to S₁S₁
  D) The supply curve will shift from S₁S₁ to S_oS_o
  E) The demand curve will shift from D_oD_o to D₁D₁
  Show Answer
  The correct answer is A .
• Question 842: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as? Options:
  A) industrialization
  B) export-promotion
  C) import-substitution
  D) export--substitution
  E) import-expansion
  Show Answer
  The correct answer is C .
• Question 843: The total stock of money available for use in an economy is Options:
  A) supply of money
  B) value of money
  C) demand for money
  D) attribute of money
  Show Answer
  The correct answer is A .
• Question 844: The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called? Options:
  A) internal economies of scale
  B) economies of scale
  C) market economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 845:

  When a nation's exports are greater than its imports,_________

  Options:
  A) The net foreign trade is zero
  B) A favourable balance of trade exists
  C) A favourable balance of payment exists
  D) An unfavourable balance of trade exists
  Show Answer
  The correct answer is B .
• Question 846:

  Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.

  Find the average total cost of producing one units?

  Options:
  A) N 60
  B) N 45
  C) N 35
  D) N 30
  Show Answer
  The correct answer is C .
• Question 847: Activities in the oil and gas industry are classified into Options:
  A) oil exploration and distribution
  B) refining and marketing of finished products
  C) upstream and downstream
  D) exploration and drilling
  Show Answer
  The correct answer is C .
• Question 848: Average cost is Options:
  A) the total cost of production
  B) the extra cost of producing one additional unit of output
  C) cost of producing a unit of output
  D) variable cost
  E) overhead cost
  Show Answer
  The correct answer is C .
• Question 849: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 850: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .