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 major function of middlemen in Nigeria is the distribution of? Options:
  A) commodities to all consumers regardless of income
  B) commodities to consuming centres and the collection of money income to producing centres
  C) economic welfare to all
  D) wealth to all
  E) poverty within the society
  Show Answer
  The correct answer is A .
• Question 2062: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
  Show Answer
  The correct answer is C .
• Question 2063:

  If inflation is anticipated, people may

  Options:
  A) save more money
  B) spend more money
  C) give out more loans
  D) spend less money
  Show Answer
  The correct answer is B .
• Question 2064:

  $$\begin{array}{|lcc|}\hline \text{Stage of Product}& \text{Value of Input}& \text{Sale Value of Output}\\ \text{Maize farmer}& -& N10.00\\ \text{Flour miller}& N10.00& N12.00\\ \text{Baker}& N12.00& N15.00\\ \text{Shop keeper}& N15.00& N20.00\\ \hline\end{array}$$

  The value of total output in the economy using the value added approach is

  Options:
  A) ₦57.00
  B) ₦37.00
  C) ₦20.00
  D) ₦15.00
  Show Answer
  The correct answer is C .
• Question 2065: Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will? Options:
  A) increase by N1,000
  B) decrease by N 7,000
  C) increase by N7,000
  D) increase by N 13,000
  Show Answer
  The correct answer is C .
• Question 2066: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year Options:
  A) The population increased by 2.25million
  B) There were 2.25 million live births
  C) The government have to make provisions for 2.25 million children
  D) 2.25 million - children were born
  Show Answer
  The correct answer is A .
• Question 2067:

  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 2068: Remuneration of labour based on number of hours worked is known as Options:
  A) fees
  B) commission
  C) time-rates
  D) salary
  E) wages
  Show Answer
  The correct answer is C .
• Question 2069: The price elasticity of supply of perishable goods is_________? Options:
  A) Elastic
  B) Unitary
  C) Inelastic
  D) Zero
  Show Answer
  The correct answer is D .
• Question 2070: Time deposit is the same thing as Options:
  A) bank rate
  B) current account
  C) demand deposited
  D) fixed deposit
  E) saving account
  Show Answer
  The correct answer is D .