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 1481: The following are Methods of measuring National Income of a country EXCEPT; ? Options:
  A) Expenditure method
  B) Consumption method
  C) Input Method
  D) Output method
  Show Answer
  The correct answer is B .
• Question 1482: Every economy requires an accurate census because it assist in? Options:
  A) solving inflation problem
  B) providing a sound framework for policy formulation
  C) stimulating economic activities in the national economy
  D) solving unemployment problem
  Show Answer
  The correct answer is B .
• Question 1483: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 1484: The effectiveness of devaluation as a solution to a balance of payments problem depends on the Options:
  A) value of visible and invisible goods
  B) value of invisible items of both domestic and foreign trades
  C) relative elasticities of demand and supply of imports and exports
  D) foreign investments of businessmen
  Show Answer
  The correct answer is C .
• Question 1485: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 1486: Which of the following is true of a perfect market situation? Options:
  A) price = AR=MC=AC
  B) price = DD = MC = AC
  C) price = AC = MC = AR
  D) price = AR = MR = DD
  E) price = MR but MR < AR
  Show Answer
  The correct answer is A .
• Question 1487:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1488:

  External economies arises essentially from__________

  Options:
  A) a firm's individual policies
  B) localisation of industry
  C) government economic policy
  D) free transferability of shares
  Show Answer
  The correct answer is B .
• Question 1489:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1490: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .