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:

  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 1962:

  The value of money depends primarily on _________

  Options:
  A) The gold backing of the currency
  B) The general price level
  C) Government decree that it is legal tender
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1963: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
  Show Answer
  The correct answer is B .
• Question 1964: Import duties will increase total expenditure on imports if the demand for imports is? Options:
  A) elastic
  B) inelastic
  C) infinitely elastic
  D) derived
  Show Answer
  The correct answer is B .
• Question 1965: When an economy is having a balance of payment surplus the best alternative opened to it is to Options:
  A) borrow from abroad
  B) devalue its currency
  C) increase its foreign reserve
  D) promote imports into the country
  E) sell out its foreign assets
  Show Answer
  The correct answer is C .
• Question 1966: In many developing countries, infrastructural problems is acute due to the shortage of? Options:
  A) industries and industrial equipment
  B) savings, investment and consumption
  C) natural resources for development
  D) supporting services that encourage economic activities
  Show Answer
  The correct answer is D .
• Question 1967: Which of the following is NOT included in-measuring the National income through the income approach? Options:
  A) Allowance given to an aged mother by a civil servant
  B) Income earned by a bricklayer
  C) Profit earned by Nigerian bottling company plc
  D) profit earned by NITEL plc
  E) Salary earned by a doctor
  Show Answer
  The correct answer is A .
• Question 1968: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 1969: The International Monetary Fund (IMF) was set up mainly to Options:
  A) cater for financial needs of developed countries
  B) create conditions favourable for the growth of world trade
  C) create favourable balance of payment
  D) develop domestic trade
  E) offset foreign debts only
  Show Answer
  The correct answer is B .
• Question 1970: An accurate census figure is an important tool for planners in Options:
  A) providing employment
  B) siting industries
  C) providing social amenities
  D) allocating resources
  Show Answer
  The correct answer is C .