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 1721: Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under? Options:
  A) the marketing boards
  B) the commodity boards
  C) the river-basin authorities
  D) private investors and individuals
  Show Answer
  The correct answer is D .
• Question 1722:

  Surplus in balance of payments leads to ________

  Options:
  A) Government budget surplus
  B) Increase in foreign reserves
  C) Decrease in foreign reserves
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1723: The relationship between the cost of living and standard of living is Options:
  A) A rise in cost of living gives a corresponding rise in standard of living
  B) A lower cost of living give a higher standard of living
  C) A lower cost of living give a lower standard of living
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1724: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 1725: A deficit budget can be used to? Options:
  A) stimulate recovery from a trade depression
  B) protect the economy from inflation
  C) starve the economic of funds for economic development
  D) provide measures to remedy the balance of payments
  Show Answer
  The correct answer is B .
• Question 1726:

  The demand for money will fall if

  Options:
  A) People expect deflation soon
  B) Real GDP rises
  C) Real interest rates rise
  D) The GDP deflator rises
  Show Answer
  The correct answer is C .
• Question 1727: The variance of a given set of numbers is defined as the Options:
  A) absolute value of the standard deviation
  B) square of the standard deviation
  C) square root of the standard deviation
  D) square of the mean deviation
  E) square root of the mean deviation
  Show Answer
  The correct answer is B .
• Question 1728:

  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 1729: The price index computed between two time periods is given as 128%,This implies that the Options:
  A) disposable income have increased by 28%
  B) living standards have fallen by 128%
  C) living standards have risen by 128%
  D) living standards have fallen by 28%
  Show Answer
  The correct answer is B .
• Question 1730: Which of the following is a form of business enterprise? Options:
  A) Cartel
  B) Entrepreneurship
  C) Partnership
  D) Stock exchange
  E) Supermarket
  Show Answer
  The correct answer is C .