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 1221: A primary industry is concerned with? Options:
  A) extraction of resources in their raw states
  B) the operation of small scale enterprises
  C) the economic activities of primary producers
  D) clearing and cultivation of land only
  Show Answer
  The correct answer is A .
• Question 1222: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 1223:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 1224: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .
• Question 1225: The GDP of Nigeria will be greater than her GNP if? Options:
  A) the value of goods and services to Nigeria is greater than the value of those from Nigeria
  B) consumption is greater than investment
  C) government expenditures are greater than the foreign aid received
  D) the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
  Show Answer
  The correct answer is D .
• Question 1226: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 1227: The major source of Nigeria's foreign exchange is the export of? Options:
  A) skilled manpower
  B) palm kernel and cocoa
  C) crude oil
  D) groundnuts and cotton
  Show Answer
  The correct answer is C .
• Question 1228:

  Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  Options:
  A) scarce
  B) unlimited
  C) free
  D) many
  Show Answer
  The correct answer is A .
• Question 1229: A one-man business is controlled by Options:
  A) an active partner
  B) board of trustees
  C) board of directors
  D) dormant partner
  E) the owner
  Show Answer
  The correct answer is E .
• Question 1230: Government expenditure on universal basic education and subsidy on agriculture are aimed at Options:
  A) encouraging growth of the economy
  B) projecting images of government
  C) re-allocation of resources
  D) redistribution of income and wealth
  E) stabilization of the economy
  Show Answer
  The correct answer is C .