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 2061: A deficit balance of payments is measured by subtracting the debits from the credits in the Options:
  A) current account
  B) current and capital accounts
  C) current and escrow accounts
  D) capital and escrow accounts
  Show Answer
  The correct answer is D .
• Question 2062: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .
• Question 2063: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 2064:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 2065:

  The transfer of public share holding in corporations to private enterprise is___________?

  Options:
  A) Incorporation
  B) Concession
  C) Privatization
  D) Commercialization
  Show Answer
  The correct answer is C .
• Question 2066: The total stock of money available for use in an economy is Options:
  A) supply of money
  B) value of money
  C) demand for money
  D) attribute of money
  Show Answer
  The correct answer is A .
• Question 2067:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .
• Question 2068:

  In a developing economy, productivity is measured by the____________

  Options:
  A) output - labour ratio
  B) capital - output ratio
  C) output growth rate
  D) Output per capital
  Show Answer
  The correct answer is C .
• Question 2069: 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 2070: One of the disadvantages of division of labour is that? Options:
  A) there is saving of time
  B) it result in workers acquiring greater skill at their jobs
  C) there is a greater risk of unemployment
  D) it makes possible the use of machinery
  E) it makes the worker less fatigued by his work
  Show Answer
  The correct answer is C .