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 131:

  Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200

  Options:
  A) 2000
  B) 100
  C) 1500
  D) 1400
  Show Answer
  The correct answer is D .
• Question 132: The amount of money required for the day-to-day running of a business is known as Options:
  A) economics capital
  B) fixed capital
  C) paid- up capital
  D) reserve capital
  E) working capital
  Show Answer
  The correct answer is E .
• Question 133:

  A group formed to enable members adopt a common policy in labour negotiation is known as?

  Options:
  A) Employer’s association
  B) Craft Union
  C) Trade union
  D) Employee’s union
  Show Answer
  The correct answer is A .
• Question 134: The economic questions about what and how to produce in an economy is solely answered by the _______? Options:
  A) government
  B) labour union
  C) private and public enterpriser
  D) system of economy practised
  Show Answer
  The correct answer is D .
• Question 135: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
  Show Answer
  The correct answer is C .
• Question 136: Which is NOT an important factor responsible for high concentration of population in some part of Nigeria? Options:
  A) Climate influences
  B) Development of trade and markets
  C) Soil fertility
  D) Processing of petroleum oil
  E) Concentration of educational facilities
  Show Answer
  The correct answer is D .
• Question 137:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 138: In a perfectly competitive market, the firm is in long-run equilibrium at the output where? Options:
  A) marginal cost is minimum
  B) average cost is minimum
  C) total cost is minimum
  D) marginal cost revenue is maximum
  Show Answer
  The correct answer is B .
• Question 139: Bank consolidation policy in Nigeria is a measure to increase Options:
  A) the capital base of banks
  B) employment opportunities in banks
  C) the number of shareholders
  D) the number of branches
  Show Answer
  The correct answer is A .
• Question 140:

  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 .