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 2221: One of the economic problems of Nigeria today arises from? Options:
  A) the over utilization of human and natural resources
  B) unavailability of mineral resources
  C) inadequate manpower resources
  D) the under-utilization of human and natural resources
  Show Answer
  The correct answer is D .
• Question 2222: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
  Show Answer
  The correct answer is A .
• Question 2223: Which of these would not be included in the fundamental principle of a free enterprise economy Options:
  A) Private ownership of factors of production
  B) The right to organize factor for production purposes
  C) The right to make private profit
  D) Government control of mobility of factor of production
  E) Government effort to encourage competitive capitalism within the law of the country
  Show Answer
  The correct answer is D .
• Question 2224: The capital market provides business firms with the avenue to Options:
  A) lease capital equipment
  B) obtain long-term funds
  C) obtain short-term funds
  D) purchase capital equipment
  Show Answer
  The correct answer is B .
• Question 2225:

  If the standard deviation of a given data is 8.2, find its variance_______________

  Options:
  A) 82.0
  B) 91.8
  C) 67.2
  D) 4.1
  Show Answer
  The correct answer is C .
• Question 2226: Which of the following items does NOT belong to a country's current account in the balance of payments accounts? Options:
  A) Merchandise exports
  B) Merchandise import
  C) Travel
  D) Foreign currencies
  E) Insurance services
  Show Answer
  The correct answer is D .
• Question 2227:

  Which of the following is not emphasized in a product possibility curve?

  Options:
  A) Scarcity of resources
  B) Economic development
  C) Inefficiency in the use of resources
  D) Unemployment of labour
  Show Answer
  The correct answer is D .
• Question 2228: Progressive income tax can be expressed as Options:
  A) tax that falls as income rises
  B) tax that rises as income falls
  C) tax that is independent of income
  D) tax that rises as income rises
  E) tax that is neutral to income
  Show Answer
  The correct answer is D .
• Question 2229: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 2230: The use of modern weaving machines in the production of local fabric will result in Options:
  A) an increase in the demand for labour
  B) a decrease in the demand for labour
  C) an increase in wages
  D) a decrease in wages
  Show Answer
  The correct answer is B .