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 2271:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2272: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .
• Question 2273:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 2274: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 2275: Which of the following is the cheapest for the government in improving the welfare of its citizens? Options:
  A) Subsidy
  B) Income supplement
  C) Donation to specific projects
  D) Wages increase
  Show Answer
  The correct answer is C .
• Question 2276: The factor of production that has the highest degree of mobility is? Options:
  A) land
  B) labour
  C) capital
  D) enterpreneurship
  Show Answer
  The correct answer is B .
• Question 2277:

  Utility is the satisfaction derived from____________

  Options:
  A) Production
  B) Distribution
  C) Consumption
  D) Demand
  Show Answer
  The correct answer is A .
• Question 2278:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .
• Question 2279: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
  Show Answer
  The correct answer is D .
• Question 2280: The active intervention of the central authorities in the management of a country's economy rest upon the? Options:
  A) failure of the market force to produce satisfactory result
  B) superiority of the centrally planned economy over the private enterprise economy
  C) result-oriented nature of the private enterprise economy
  D) cost-minimization strategy of a mixed economy
  Show Answer
  The correct answer is A .