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 1451: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .
• Question 1452: The quality of labour force in Nigeria can be improved by Options:
  A) establishing more tertiary institutions
  B) creating sufficient job opportunities
  C) encouraging the study of science and technology
  D) establishing more skills acquisition centres
  Show Answer
  The correct answer is D .
• Question 1453: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
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  The correct answer is C .
• Question 1454: The Malthusian theory of population growth is often said to be? Options:
  A) ambiguous
  B) oversimplified
  C) pessimistic
  D) optimistic
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  The correct answer is C .
• Question 1455: An increase in demand without a corresponding change in supply will lead to Options:
  A) a decrease in equilirium price and increase in equilibrium quantity
  B) an increase in equilibrium price and quantity
  C) a decrease in equilibrium price and quantity
  D) an increase in equilibrium price and a decrease in equilibrium quantity
  Show Answer
  The correct answer is B .
• Question 1456: In international trade, when payments of a country are higher than the receipts, then the balance of payment is Options:
  A) favourable
  B) in equilibrium
  C) perfect
  D) unfavourable
  E) uniform
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  The correct answer is D .
• Question 1457:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1458: One of the assumptions of the cardinalist approach is Options:
  A) diminishing marginal rate of substitution
  B) the consistency and transitivity of choice
  C) that total utility depends on the quantity of the commodities consumed
  D) unstable marginal utility of money
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  The correct answer is C .
• Question 1459:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1460: Generally, property taxes? Options:
  A) are borne entirely by landlords
  B) cannot be shifted in the long run
  C) are borne by all (renter, owner occupiers and landlords)
  D) are borne only by renters
  E) are borne by a few industrialist
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  The correct answer is C .