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 1191: In the long run, all production factors are? Options:
  A) fixed
  B) semi fixed
  C) variable
  D) semi-variable
  Show Answer
  The correct answer is C .
• Question 1192: The terms of trade of a country is defined as Options:
  A) $\frac{\text{Index of import prices}}{\text{Index of export prices}}$ x 100
  B) $\frac{\text{Index of exportable}}{\text{Index of importable}}$ x 100
  C) $\frac{\text{Index of visible imports}}{\text{Index of visible exports}}$ x 100
  D) $\frac{\text{Index of export prices}}{\text{Index of import prices}}$ x 100
  Show Answer
  The correct answer is B .
• Question 1193:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1194: Population growth is determined by_______? Options:
  A) Dependency ratio
  B) Labour force
  C) Per capita
  D) Net migration
  Show Answer
  The correct answer is D .
• Question 1195:

  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 1196: Which would you NOT consider an agro-based industry in Nigeria? Options:
  A) a diary enterprise producing milk
  B) a yam floor mill
  C) a poultry industry
  D) a fertilizer plant
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1197: A set of factors that can shift the supply curve are changes in Options:
  A) weather, price and technology
  B) technology, weather and population
  C) technology, price and taste
  D) population, price and taste
  Show Answer
  The correct answer is B .
• Question 1198: 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 .
• Question 1199:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
  Show Answer
  The correct answer is D .
• Question 1200: One of the characteristics of private enterprises is ______? Options:
  A) Provision of welfare to the citizens
  B) That tax payers bear all the risks
  C) Public ownership of shares
  D) Individual funding of business activities
  Show Answer
  The correct answer is D .