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 2261: Which of the following item in the balance of payment of account is an invisible transaction? Options:
  A) Import of cars
  B) Export of cocoa
  C) Export of crude petroleum
  D) Tourism
  E) Import of building materials
  Show Answer
  The correct answer is D .
• Question 2262: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 2263: A high rent on land will affect the cost of producing maize Options:
  A) at the early stage of production
  B) negatively
  C) at the later stage of population
  D) positively
  Show Answer
  The correct answer is B .
• Question 2264:

  Which of these is not a cause of high population growth in Nigeria?

  Options:
  A) Improved hygiene
  B) Reduction in death rate
  C) Family planning unit of Nigeria
  D) Increased birth rate
  Show Answer
  The correct answer is C .
• Question 2265: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .
• Question 2266: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
  Show Answer
  The correct answer is D .
• Question 2267:

  Wholesalers play an important in the distribution of goods and services because they

  Options:
  A) are located very close to consumers
  B) finance both producers and retailers
  C) pass information on from retailers to consumers
  D) sell in small units to consumers
  Show Answer
  The correct answer is B .
• Question 2268: Population density refers to? Options:
  A) densely populated urban centres
  B) the total area divided by the total population
  C) densely populated rural areas
  D) the total population divided by the total area
  Show Answer
  The correct answer is D .
• Question 2269: A rightward shift of the budget line is caused by a Options:
  A) fall in consumer income
  B) change in consumer taste
  C) fall in the commodity relative price
  D) rise in the commodity relative price
  Show Answer
  The correct answer is D .
• Question 2270: Consumers allocate their resources based on the ______? Options:
  A) Law of diminishing marginal utility
  B) Value in use and value in exchange principle
  C) Law of returns to scale
  D) Diamond and water paradox
  Show Answer
  The correct answer is B .