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 1491: Disguised unemployment Options:
  A) exist when manpower is not being utilized efficiently
  B) calls for the implementation of five plans
  C) can be eliminated if the press is free
  D) can be eliminated if the capital output ratio is increased
  E) is a statistical artifact with no economic meaning
  Show Answer
  The correct answer is A .
• Question 1492: Unlike the retailer, the wholesaler provides? Options:
  A) useful information to the manufacturer about consumers'taste
  B) after-sales services to the consumers
  C) useful information to the costumers on the benefits and uses of the product
  D) useful information about market trends and finance to the manufacturer
  Show Answer
  The correct answer is D .
• Question 1493:

  The reward for capital is___________

  Options:
  A) Interest
  B) Rent
  C) Risk
  D) Premium
  Show Answer
  The correct answer is A .
• Question 1494:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 1495: A major cause of the slow pace of industrialization in Nigeria is inadequate Options:
  A) raw materials
  B) landmass
  C) skilled labour
  D) communal labour
  Show Answer
  The correct answer is C .
• Question 1496: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 1497: When a country's population is experiencing increase returns, that country is said to be? Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) underpopulated
  Show Answer
  The correct answer is A .
• Question 1498:

  Which of the following forms of economic integration is a member nation free to impose duty against non-members

  Options:
  A) Customs union
  B) free trade area
  C) Common market
  D) Economic community
  Show Answer
  The correct answer is A .
• Question 1499:

  The full meaning of NAPEP is?

  Options:
  A) National Poverty Eradication Programme
  B) National Agency for Poverty and Education Program
  C) National Air Pollution and Environmental Purification
  D) None of the above
  Show Answer
  The correct answer is A .
• Question 1500: According to the theory of comparative advantage specialization will result in Options:
  A) labour-intensive method of production
  B) capital-intensive method of production
  C) efficient allocation of resources
  D) efficient distribution of output
  Show Answer
  The correct answer is C .