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 1431: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
  Show Answer
  The correct answer is D .
• Question 1432: Economic is often described as a science because? Options:
  A) laboratory experiments are performed
  B) it makes use of controlled experiments
  C) it uses scientific methods to explain observed phenomena and predict future events
  D) it makes use of field work
  Show Answer
  The correct answer is C .
• Question 1433: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 1434:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1435:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .
• Question 1436: A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after? Options:
  A) 6 months
  B) 9 mnths
  C) 2 years
  D) 5 years
  E) 10 or more years
  Show Answer
  The correct answer is E .
• Question 1437: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
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  The correct answer is B .
• Question 1438: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
  Show Answer
  The correct answer is C .
• Question 1439: The velocity of money is represented as Options:
  A) $\frac{\text{Money supply}}{\text{Real GDP}}$
  B) $\frac{\text{Real GDP}}{\text{Money supply}}$
  C) $\frac{\text{Nominal GDP}}{\text{Money supply}}$
  D) $\frac{\text{Real GDP}}{\text{Nominal GDP}}$
  Show Answer
  The correct answer is C .
• Question 1440: The survival of a partnership depends on Options:
  A) the managerial ability of the partners
  B) access to finance
  C) the goodwill of the partners
  D) political stability
  Show Answer
  The correct answer is A .