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 1081: A major function of middlemen in Nigeria is the distribution of? Options:
  A) commodities to all consumers regardless of income
  B) commodities to consuming centres and the collection of money income to producing centres
  C) economic welfare to all
  D) wealth to all
  E) poverty within the society
  Show Answer
  The correct answer is A .
• Question 1082: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .
• Question 1083: Frictional unemployment? Options:
  A) is total unemployment minus structural unemployment
  B) occurs when the unemployed are persons with specific training
  C) occurs when the number of job seekers exceeds the number of vacancies
  D) occurs when people are changing jobs
  Show Answer
  The correct answer is D .
• Question 1084:

  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 1085: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 1086: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 1087: Which of the following is not a type of unemployment Options:
  A) factory unemployment
  B) structural unemployment
  C) mass unemployment
  D) frictional unemployment
  Show Answer
  The correct answer is A .
• Question 1088: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• Question 1089:

  The oil boom between 1970 - 1980 caused the oil sector to become____________

  Options:
  A) the main source of government
  B) management of spillage and pollution
  C) protection to the local operators in the petroleum industry
  D) decrease in the rate of inflation
  Show Answer
  The correct answer is A .
• Question 1090: If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in? Options:
  A) an increase in profit by 43%
  B) a net gain
  C) a decrease in profit 43%
  D) a net loss
  Show Answer
  The correct answer is B .