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 1291: Which of the following is NOT among the canons of taxation as set out by Adam Smith? Options:
  A) Equality
  B) Security
  C) Certainty
  D) Convenience
  E) Economy
  Show Answer
  The correct answer is B .
• Question 1292: 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 1293: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
  Show Answer
  The correct answer is D .
• Question 1294:

  Inflation can be curbed by _______

  Options:
  A) Deficit budget
  B) Paying higher wages
  C) Increased aggregate demand
  D) Reducing aggregate demand
  Show Answer
  The correct answer is D .
• Question 1295:

  An increase in money income with constant price results in

  Options:
  A) Outward shift in the budget line
  B) Inward parallel shift in the budget line
  C) Options A and C
  D) Budget line remain constant
  Show Answer
  The correct answer is A .
• Question 1296:

  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 .
• Question 1297: One of the ways by which Government derives revenue from industrial enterprises in West Africa is? Options:
  A) tariffs
  B) excise duties
  C) poll tax
  D) import duties
  E) community tax
  Show Answer
  The correct answer is B .
• Question 1298: One of the unique features that distinguishes the perfect and imperfect market condition is _________ Options:
  A) profit motive principles
  B) absence of price control board
  C) price determines production and distribution
  D) number of sellers and buyers
  Show Answer
  The correct answer is D .
• Question 1299: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 1300: The primary function of non-bank financial institutions is to Options:
  A) manage investment portfolios for government
  B) mobilize savings for investment
  C) grant loans to banks
  D) receive deposits from banks
  Show Answer
  The correct answer is B .