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: The working population refers to? Options:
  A) a population where the average age is falling
  B) the population within the '0 -14'age bracket
  C) the economically active segment of the population
  D) the dependent population
  Show Answer
  The correct answer is C .
• Question 2182:

  Efficiency of labour in a country is determined by the following except the____________

  Options:
  A) Social attitude to work
  B) Education and training
  C) Total population
  D) Working conditions of workers
  Show Answer
  The correct answer is C .
• Question 2183: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 2184: 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 2185: The effect of the demand for product A caused by a change in the price of a product B is called? Options:
  A) cross-elasticity of demand
  B) elasticity of supply
  C) competitive demand
  D) composite demand
  E) joint demand
  Show Answer
  The correct answer is A .
• Question 2186: The price per unit of a commodity to a buyer is the same as the Options:
  A) Normal profit of the seller
  B) Average revenue of the seller
  C) Marginal cost of the commodity
  D) Marginal revenue of the seller
  Show Answer
  The correct answer is B .
• Question 2187: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 2188: A reduction in the bank rate encourages commercial banks to create money by Options:
  A) Decreasing the interest rate
  B) maintaining the interest rate
  C) Doubling the interest rate
  D) Raising the interest
  Show Answer
  The correct answer is B .
• Question 2189: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 2190: An example of a long-run cost of a firm is Options:
  A) fuel and maintenace cost
  B) the planned size of plant equipment
  C) the existing size of plant and equipment
  D) rent on buildings
  Show Answer
  The correct answer is D .