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 1981: The function of moneyas a standard of deferred payments Options:
  A) Make possible for an individual to build up store of many things for future use
  B) Makes it possible for payment to be postponed from the present to a future date
  C) Facilitate the exchange of goods
  D) Makes easy calculations possible
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 1982:

  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 1983:

  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 1984:

  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 1985: An advantage of the sole proprietorship over the partnership from of business organisation is that Options:
  A) its existence is limited by an individual's life span
  B) it relies on the decision of friends to succeed
  C) the possibility of conflict in management is virtually non-existent
  D) it enjoys limited liability for debt in the event of failure
  Show Answer
  The correct answer is C .
• Question 1986:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 1987: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 1988: People hold money for? Options:
  A) charity
  B) safe keeping
  C) profit making
  D) speculative purposes
  Show Answer
  The correct answer is D .
• Question 1989: Maximum wage legislation seeks to Options:
  A) fix wages above the equilibrium wage rate
  B) set wages below the equilibrium wage rate
  C) deter employers from exploiting their employees
  D) ensure an upper limit to the wages payable
  Show Answer
  The correct answer is D .
• Question 1990:

  Scarcity in economics means?

  Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .