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 1901:

  An economy in which both the public and private sectors contribute to economic growth is a__________?

  Options:
  A) socialist economy
  B) feudal economy
  C) mixed economy
  D) capitalist economy
  Show Answer
  The correct answer is C .
• Question 1902: Which of the following type of capital is not rewarded by means of dividends? Options:
  A) Ordinary shares
  B) Preference shares
  C) cummulative shares
  D) participating preference shares
  E) depentures
  Show Answer
  The correct answer is E .
• Question 1903: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
  Show Answer
  The correct answer is C .
• Question 1904: In the demographic transition theory, stage II represents a stage where Options:
  A) declining birth rates with low death rates lead to little or no population growth
  B) high birth rate with low death rates lead to no population growth
  C) there is population growth due to high birth rates and low death rates at that stages
  D) there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
  E) there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
  Show Answer
  The correct answer is D .
• Question 1905: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 1906: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1907: A measure of national income used as comparison of standard of living among nations is Options:
  A) net national product
  B) gross domestic product
  C) gross national product
  D) per capita income
  Show Answer
  The correct answer is D .
• Question 1908: The main disadvantages of deflationary policies is Options:
  A) full employment in the country
  B) increasing cost of living
  C) improved standard of living
  D) unemployment in the country
  E) under employment in the country
  Show Answer
  The correct answer is D .
• Question 1909:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 1910: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .