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 1351:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1352: Choice in economic life is necessitated by? Options:
  A) the need to construct scale of preference
  B) the opportunity cost of consumption
  C) unlimited wants
  D) scarcity of economic resources
  Show Answer
  The correct answer is D .
• Question 1353:

  A budget with a projected revenue in excess of its expenditure is said to be?

  Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 1354:

  

  The lower half of the diagram indicates

  Options:
  A) the flow of goods and services
  B) payments for goods and services
  C) the flow of income
  D) government transactions
  Show Answer
  The correct answer is D .
• Question 1355: Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as? Options:
  A) speculative motive
  B) precautionary motive
  C) transactions motive
  D) investment motives
  E) rainy day motive
  Show Answer
  The correct answer is B .
• Question 1356: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
  Show Answer
  The correct answer is D .
• Question 1357: Which of the following is a necessary prerequisite for trade by barter? Options:
  A) Needs for double coincidence of wants
  B) Multiple exchange rate
  C) Impossibility of future trade
  D) Impossibility of large scale production
  E) Indivisibility of commodities
  Show Answer
  The correct answer is A .
• Question 1358: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 1359:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .
• Question 1360:

  

  The percentage contribution of the transport sector is:

  Options:
  A) 600.0
  B) 166.7
  C) 60.0
  D) 16.7
  Show Answer
  The correct answer is D .