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 1601: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 1602: One of the following is NOT a reason for increase in public expenditure Options:
  A) decrease arising from public debt and its servicing
  B) increase in capital expenditure to provide social services
  C) increase financial commitment for defence and security
  D) increase in recurrent expenditure with regard to wages and salary paid to public servant
  E) returns on viable public corporation
  Show Answer
  The correct answer is D .
• Question 1603: The following will occur when maximum price is fixed below the free market price EXCEPT that Options:
  A) black market will be encouraged
  B) excess demand will occur
  C) excess supply will occur
  D) rationing of commodities will occur
  E) scarcity of goods will occur
  Show Answer
  The correct answer is C .
• Question 1604: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 1605: Utility is the satisfaction derived from? Options:
  A) demand
  B) production
  C) distribution
  D) consumption
  Show Answer
  The correct answer is D .
• Question 1606:

  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 1607:

  As a factor of production, the reward for land is?

  Options:
  A) Profit
  B) Interest
  C) Rent
  D) Wage
  Show Answer
  The correct answer is C .
• Question 1608:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .
• Question 1609: Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas? Options:
  A) The deregulation of the banking system
  B) The increase in the number of merchant banks
  C) The community banking scheme
  D) The deregulation of interest rate
  Show Answer
  The correct answer is C .
• Question 1610: The shares that must be redeemed first at liquidation of a company are? Options:
  A) preference shares
  B) non-voting ordinary shares
  C) ordinary shares
  D) debentures
  Show Answer
  The correct answer is A .