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 2101: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 2102: The savings deposit in a commercial bank is called Options:
  A) Capital
  B) Fund
  C) Near
  D) Money
  E) Call money
  Show Answer
  The correct answer is D .
• Question 2103: The value of the total output produced within Nigeria by all residents (citizens and non-citizens) is referred to as the? Options:
  A) gross national product
  B) disposable income
  C) national income
  D) gross domestic product
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  The correct answer is D .
• Question 2104:

  If workers at the school canteen cannot sell during the holidays, this is example of

  Options:
  A) structural unemployment
  B) frictional unemployment
  C) seasonal unemployment
  D) residual unemployment
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  The correct answer is C .
• Question 2105: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
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  The correct answer is C .
• Question 2106: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
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  The correct answer is C .
• Question 2107:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.What is the modal score?

  Options:
  A) 36
  B) 42
  C) 54
  D) 62
  Show Answer
  The correct answer is D .
• Question 2108: National debts is an expected outcome of? Options:
  A) deficit budget
  B) consolidation budget
  C) balanced budget
  D) surplus budget
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  The correct answer is A .
• Question 2109:

  

  The point x inside the PPC indicates

  Options:
  A) resources are fully utilized
  B) the country is poor
  C) some resources are idle
  D) resources are not available
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  The correct answer is C .
• Question 2110: In an inflationary period which of the following statements is NOT true? Options:
  A) Wages rise simultaneously with prices
  B) The purchasing power of money diminishes
  C) More money runs after a limited quantity of goods
  D) Money supply increases
  E) Aggregate real demand exceeds aggregate real supply
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  The correct answer is A .