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 1231: Optimum population is defined as the level of population at which? Options:
  A) per capital output is maximized
  B) population is neither increasing nor decreasing
  C) total national income is maximized
  D) marginal efficiency of population is maximized
  Show Answer
  The correct answer is A .
• Question 1232:

  A  capital market differs from the money market in that in the former ________?

  Options:
  A) The percentage of interest charged is more
  B) Loan sought is long term
  C) Loan repayment is guaranteed
  D) Loan sought is short-term
  Show Answer
  The correct answer is B .
• Question 1233: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B .
• Question 1234: Less developed countries obtain foreign exchange reserve mainly from the export of Options:
  A) Manufactured goods
  B) Processed and semi processed commodities
  C) Invisible items
  D) Primary product
  E) All of the above
  Show Answer
  The correct answer is D .
• Question 1235: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .
• Question 1236:

  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 1237: Production is best defined in economics as Options:
  A) creation of utility yielding goods and services
  B) distribution of goods and services
  C) manufacturing of goods by small factories
  D) provision of basic amenities
  E) rendering of services only
  Show Answer
  The correct answer is A .
• Question 1238: The price paid for labour services is the? Options:
  A) commission rate
  B) wages rate
  C) income rate
  D) salary rate
  Show Answer
  The correct answer is B .
• Question 1239: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 1240:

  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 .