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 1171: The loans from the World Bank to developing countries are mainly to support Options:
  A) capital-intensive technology
  B) the establishment of universities
  C) their infrastructure investment
  D) their level of consumption
  Show Answer
  The correct answer is C .
• Question 1172:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1173: Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is Options:
  A) rational
  B) consistent
  C) inconsistent
  D) transitive
  Show Answer
  The correct answer is C .
• Question 1174:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 1175: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 1176:

  In a sole proprietorship, the decisions are made by the ______

  Options:
  A) Government
  B) Management
  C) Owner
  D) Board of Directors
  Show Answer
  The correct answer is C .
• Question 1177: Minimum wage legislation will result in Options:
  A) reduced income
  B) greater supply labour
  C) reduced labour productivity
  D) greater demand for labour
  Show Answer
  The correct answer is B .
• Question 1178: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .
• Question 1179: When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of? Options:
  A) Nigeria's invisible export trade
  B) Nigeria's import trade
  C) Nigeria's invisble trade
  D) foreign capital inflow into Nigeria
  Show Answer
  The correct answer is A .
• Question 1180:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .