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 2181: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .
• Question 2182: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
  Show Answer
  The correct answer is B .
• Question 2183: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .
• Question 2184:

  

  From the table above, find the values of E and F respectively

  Options:
  A) 27 and 1
  B) 68 and 12
  C) 28 and 5
  D) 12 and 19
  Show Answer
  The correct answer is A .
• Question 2185: The labour force of a country best describes Options:
  A) the number of people in paid employment
  B) the number of people receiving pension
  C) people within the retirement age
  D) people within the working age
  Show Answer
  The correct answer is D .
• Question 2186:

  Utility is the satisfaction derived from?

  Options:
  A) production
  B) distribution
  C) consumption
  D) demand
  Show Answer
  The correct answer is C .
• Question 2187:

  Poverty simply refers to the low level of________

  Options:
  A) planning
  B) per capita income
  C) rich people
  D) labour face
  Show Answer
  The correct answer is B .
• Question 2188: The privatization exercise in Nigeria is a move towards a Options:
  A) mixed economy
  B) subsistence economy
  C) market economy
  D) command economy
  Show Answer
  The correct answer is C .
• Question 2189: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• Question 2190:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .