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 1:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .
• Question 2: The process by which a country attempts to reduce the import of manufactured goods at home is described as? Options:
  A) export-promotion
  B) import-substitution
  C) industrialization
  D) export-diversification
  E) import-creation
  Show Answer
  The correct answer is B .
• Question 3: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 4:

  Money could be defined as

  Options:
  A) Options A, B and C
  B) Medium of exchange
  C) Settlement of debt
  D) Medium of payment
  Show Answer
  The correct answer is A .
• Question 5:

  

  In the diagram, (III) refers to the calculation of national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 6:

  

  The curve labeled III illustrate a system of taxation

  Options:
  A) regressive tax
  B) progressive tax
  C) value added tax
  D) proportional tax
  Show Answer
  The correct answer is A .
• Question 7:

  Increasing national income without effective control of population size in a country can lead to

  Options:
  A) higher per capita income
  B) increase in poverty
  C) increased outflow of aid
  D) underutilization of resources
  Show Answer
  The correct answer is D .
• Question 8:

  In a developing economy, productivity is measured by the____________

  Options:
  A) output - labour ratio
  B) capital - output ratio
  C) output growth rate
  D) Output per capital
  Show Answer
  The correct answer is C .
• Question 9: In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The Options:
  A) individual's money income
  B) price of subtitutes
  C) price of complementary goods
  D) price of the commodity under consideration
  Show Answer
  The correct answer is C .
• Question 10: The market in which the operators are many and none of them can influence the price is Options:
  A) stock exchange market
  B) imperfect market
  C) perfect foreign market
  D) exchange market
  Show Answer
  The correct answer is C .