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 Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 1192:

  

  What is the population growth rate in 2003?

  Options:
  A) 33.3%
  B) 20.0%
  C) 11.0%
  D) 50%
  Show Answer
  The correct answer is D .
• Question 1193: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 1194:

  All of the following describes conditions necessary for existence of a perfect market EXCEPT

  Options:
  A) lack of homogeneity of goods
  B) perfect knowledge
  C) large buyers and sellers
  D) portability of goods
  Show Answer
  The correct answer is A .
• Question 1195: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
  Show Answer
  The correct answer is A .
• Question 1196: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
  Show Answer
  The correct answer is A .
• Question 1197:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1198:

  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 1199: One of the assumptions of ordinal utility theory is that Options:
  A) choice is not consistent
  B) utility can be ranked
  C) total utility is a function of price
  D) satisfaction is measurable
  Show Answer
  The correct answer is B .
• Question 1200:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .