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 1401:

  

  Find the mean price of the distribution.

  Options:
  A) N54
  B) N51
  C) N56
  D) N59
  Show Answer
  The correct answer is B .
• Question 1402: The process by which a country attempts to reduce the import of manufactured goods at home is described as? Options:
  A) export-promotion
  B) import-substitution
  C) industrialization
  D) export-diversification
  E) import-creation
  Show Answer
  The correct answer is B .
• Question 1403: The population level that yields the maximum output when combined with available resources is known as Options:
  A) dependent population
  B) maximum population
  C) active population
  D) productive population
  E) optimum population
  Show Answer
  The correct answer is E .
• Question 1404: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 1405: The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is Options:
  A) motive
  B) aim
  C) determination
  D) self discipline
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 1406:

  ------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria

  Options:
  A) Poor performance of non-oil sector
  B) Export promotion
  C) No import substitution strategies
  D) High servicing of debt
  Show Answer
  The correct answer is B .
• Question 1407: The best way to reduce the supply of money in the economy is to? Options:
  A) increase the liquidity ratio
  B) increase the number of bank-notes and cheques produced
  C) decrease treasury bills
  D) liberalize access to credit
  Show Answer
  The correct answer is A .
• Question 1408: Which of the following is NOT included in-measuring the National income through the income approach? Options:
  A) Allowance given to an aged mother by a civil servant
  B) Income earned by a bricklayer
  C) Profit earned by Nigerian bottling company plc
  D) profit earned by NITEL plc
  E) Salary earned by a doctor
  Show Answer
  The correct answer is A .
• Question 1409:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 1410: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .