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 1581: The purpose of conducting a census is to enable a country to Options:
  A) plan her capital inflow and outflow
  B) determine the optimum level of population
  C) determine the growth rate of population
  D) plan her growth and development
  Show Answer
  The correct answer is D .
• Question 1582: The group of people engaged in banking or insurance services by occupational distributions are classified as? Options:
  A) primary producers
  B) secondary producers
  C) tertiary producers
  D) technical producers
  Show Answer
  The correct answer is C .
• Question 1583: Branding and packaging of goods Is the function of Options:
  A) brokers
  B) consumers
  C) manufactures
  D) retailers
  E) wholesalers
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  The correct answer is C .
• Question 1584: Remuneration of labour based on number of hours worked is known as Options:
  A) fees
  B) commission
  C) time-rates
  D) salary
  E) wages
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  The correct answer is C .
• Question 1585: The price mechanism Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 1586:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1587: The first commercial oil well in Nigeria was discovered in Options:
  A) 1938
  B) 1951
  C) 1956
  D) 1958
  E) 1961
  Show Answer
  The correct answer is C .
• Question 1588: Revenue can be expressed as Options:
  A) total Profit made after sales
  B) amount of goods produced
  C) total money realized from sales
  D) amount spent on purchases
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  The correct answer is C .
• Question 1589:

  The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

  Options:
  A) Volume of trade between countries
  B) direction of international trade
  C) commodity terms of trade
  D) volume of imports
  Show Answer
  The correct answer is C .
• Question 1590: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .