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 1051:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1052:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1053: The law of comparative advantage states that a country should specialize in the production of a commodity Options:
  A) for which local demand is greatest
  B) in which its oportunity cost is lower than that of the trade partner
  C) for which foreign demand is greatest
  D) for which there is abundant supply of raw materials
  Show Answer
  The correct answer is B .
• Question 1054: Localization of industries refers to the Options:
  A) spread of firms producing different products
  B) siting of industries near the market
  C) concentration of firms of an industry
  D) siting of firms producing different products
  Show Answer
  The correct answer is C .
• Question 1055: One of the probable effects of an increased minimum wage in Nigeria is? Options:
  A) to create volunteer unemployment
  B) to decrease the wage rate
  C) to increase the level of unemployment
  D) to create involuntary unemployment
  E) to increase the demand for labour
  Show Answer
  The correct answer is D .
• Question 1056: Which of the following is likely to hinder labour mobility in Nigeria? Options:
  A) Higher wages elsewhere
  B) Cultural similarities
  C) Good accommodation elsewhere
  D) Ignorance of job opportunities elsewhere
  Show Answer
  The correct answer is B .
• Question 1057: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .
• Question 1058: 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 1059:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1060: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
  Show Answer
  The correct answer is B .