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 1961: The following are advantages of standard deviation EXCEPT that it Options:
  A) has greater practical utility In sampling
  B) is a good measure of dispersion since all the values are used in its calculation
  C) is important and useful in the analysis of T- Test
  D) is not a sound mathematical index
  E) is the most popular measure of dispersion in distribution
  Show Answer
  The correct answer is A .
• Question 1962:

  An electrical engineer who is teaching physics in a secondary school is said to be

  Options:
  A) under-employed
  B) unemployed
  C) fully employed
  D) technologically unemployed
  Show Answer
  The correct answer is A .
• Question 1963: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
  Show Answer
  The correct answer is A .
• Question 1964: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1965: If the marginal utility of good X exceeds that of good Y, this implies that Options:
  A) a rational consumer will buy less of X
  B) consuming more of X will increase total utility
  C) Y is an inferior good
  D) X will be cheaper than Y
  Show Answer
  The correct answer is B .
• Question 1966:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1967:

  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 1968: Which of the following is NOT a characteristic of perfect competition? Options:
  A) many sellers and buyers in the markets
  B) There is perfect knowledge
  C) Supply and demand are equal
  D) There is no advertising
  E) Products are identical
  Show Answer
  The correct answer is C .
• Question 1969: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C .
• Question 1970: Net national income is Options:
  A) Gross national income minus depreciation
  B) gross domestic product plus net income from abroad
  C) nominal national income divided by the price level
  D) gross national income divided by the total population
  E) gross national product plus subsidies minus indirect taxes
  Show Answer
  The correct answer is E .