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 2071: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 2072: The marginal productivity theory applies in a Options:
  A) unionized labour market
  B) perfectly competitive market
  C) monopsonistic market only
  D) monopolistic market only
  Show Answer
  The correct answer is D .
• Question 2073:

  In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

  Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the agricultural sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 2074: The value of money depends primarily on? Options:
  A) the gold backing of the currency
  B) the gold backing of both currency and deposit
  C) the general price level
  D) government decree that it is legal tender
  E) none of the above
  Show Answer
  The correct answer is C .
• Question 2075: One of the objectives of Nigeria's current population policy is to? Options:
  A) reduce the birth rate
  B) reduce the emmigration rate
  C) increase the birth rate
  D) enhance longevity
  Show Answer
  The correct answer is A .
• Question 2076: One of the goals of development plans in Nigeria is to Options:
  A) increase the profitability of multinational businesses
  B) improve the country's GDP
  C) achieve higher standard of living for the citizens
  D) deregulate the economy
  Show Answer
  The correct answer is C .
• Question 2077: Which type of business organization has the attribute effectively combining management with control? Options:
  A) sole proprietorship
  B) Partnership
  C) Limited liability company
  D) Co-operatives
  Show Answer
  The correct answer is A .
• Question 2078: The voting power in co-operative societies is vested on Options:
  A) management
  B) members without loan
  C) shareholders
  D) members with the highest contribution
  Show Answer
  The correct answer is C .
• Question 2079:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 2080:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .