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 1531:

  The money market equilibrium is defined as_________

  Options:
  A) when the demand and supply of money are equal
  B) when demand is greater than supply of money
  C) when demand is less than supply of money
  D) when supply is greater than demand for money
  Show Answer
  The correct answer is A .
• Question 1532:

  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 1533:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1534: The following are reward for factors of production EXCEPT Options:
  A) interests
  B) profit
  C) Rent and commissions
  D) rates and deposits
  E) wage and salaries
  Show Answer
  The correct answer is D .
• Question 1535: Ad valorem tax means? Options:
  A) a certain percentage tax based on the value of the commodity
  B) a certain percentage tax based on the volume of the commodity
  C) a tax on the income of the consumer
  D) payment of a tax on the profits made
  Show Answer
  The correct answer is A .
• Question 1536: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for Options:
  A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
  B) evolving an acceptable wage for public servants
  C) evolving an acceptable revenue-sharing formula
  D) ensuring equity in the sharing of fiscal responsibilities
  Show Answer
  The correct answer is C .
• Question 1537: Malthus became famous through his theory which may be stated simply Options:
  A) the death rate may become so high that people may not be able to produce
  B) population may outgrow the means of subsistence
  C) people will eventually decide not to have children
  D) migration of people from one place to another may leave some parts of the world barren
  E) all of the above
  Show Answer
  The correct answer is B .
• Question 1538: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 1539: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 1540: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .