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 1761: A country's terms of trade can be improved by________? Options:
  A) Revaluation of currency
  B) Collective bargaining
  C) Reducing demand for imported goods
  D) Imposing lower export duties
  Show Answer
  The correct answer is C .
• Question 1762: One of the factors affecting change in demand for a commodity is the _______? Options:
  A) Supply of the commodity
  B) Availability of the substitutes
  C) Price of the commodity
  D) Technical know-how
  Show Answer
  The correct answer is C .
• Question 1763:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .
• Question 1764:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1765: Balance of trade is the difference between? Options:
  A) exports and imports of goods and services
  B) capital inflows and capital outflows
  C) visible and invisible balances
  D) exports and imports of goods
  Show Answer
  The correct answer is D .
• Question 1766:

  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 1767:

  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 1768: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 1769: What would encourage the growth of international division of labour? Options:
  A) Improvement in transport system
  B) Instability in international exchange rate
  C) Restrictions on the movement of resources
  D) increase in tariff
  Show Answer
  The correct answer is A .
• Question 1770: Which is NOT an important factor responsible for high concentration of population in some part of Nigeria? Options:
  A) Climate influences
  B) Development of trade and markets
  C) Soil fertility
  D) Processing of petroleum oil
  E) Concentration of educational facilities
  Show Answer
  The correct answer is D .