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 2051: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 2052:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 2053:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 2054:

  

  Commercial banks can create money in the following ways

  Options:
  A) by issuing coins and paper money
  B) by borrowing money from Banks abroad
  C) by receiving deposits from individuals
  D) by printing money on the instructions of the Central Bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 2055: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 2056: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .
• Question 2057: Ad valorem tax means? Options:
  A) a certain percentage tax based on the value of the commodity
  B) a certain percentage tax based on the volume of the commodity
  C) a tax on the income of the consumer
  D) payment of a tax on the profits made
  Show Answer
  The correct answer is A .
• Question 2058: As consumption of beer increases, its marginal utility to a drinker will Options:
  A) Increase
  B) Remain constant
  C) Fluctuate
  D) Decrease
  E) Change proportionally
  Show Answer
  The correct answer is D .
• Question 2059: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
  Show Answer
  The correct answer is D .
• Question 2060:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .