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 1941:

  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 1942:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .
• Question 1943: If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county Options:
  A) 48%
  B) 64%
  C) 40%
  D) 52%
  Show Answer
  The correct answer is B .
• Question 1944: The type of business finance that entitles the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture
  D) bank loan
  Show Answer
  The correct answer is C .
• Question 1945:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  The marginal product of the 5th unit of capital is

  Options:
  A) 42
  B) 85
  C) 144
  D) 213
  Show Answer
  The correct answer is D .
• Question 1946:

  An increase in nominal income without increase in price will result to

  Options:
  A) increased real income
  B) increased GDP
  C) decreased real income
  D) decreased GNP
  Show Answer
  The correct answer is A .
• Question 1947: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .
• Question 1948: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .
• Question 1949: Retailers in an economy perform the function of Options:
  A) production
  B) exchange
  C) distribution
  D) horading
  E) investment
  Show Answer
  The correct answer is C .
• Question 1950:

  Which one of the following measures the natural growth rate of population?

  Options:
  A) Natural increase - Birth rate + Net migration
  B) Birth rate - Death rate
  C) Birth rate/Death rate
  D) Birth + Net migration = Death
  Show Answer
  The correct answer is B .