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 2291: The expression ‘terms of trade’ is used to describe Options:
  A) Quality of export
  B) The direction of foreign trade
  C) Terms of purchase on deferred payment basis
  D) The rate at which export exchange for imports
  E) Import licensing
  Show Answer
  The correct answer is D .
• Question 2292: The advantage of sole proprietorship is as follow Options:
  A) It is always successful
  B) Continuity is no problem
  C) Control and supervision is under one man
  D) Funds are easy to obtain
  E) Inter-generational equity is assured
  Show Answer
  The correct answer is C .
• Question 2293: 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 2294: The major role of multi-national companies in the petroleum industry in Nigeria is Options:
  A) the establishment of refineries
  B) oil marketing and prospecting
  C) oil marketing only
  D) oil prospecting only
  Show Answer
  The correct answer is B .
• Question 2295: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 2296:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 2297:

  Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

  Options:
  A) 208
  B) 104
  C) 54
  D) 4
  Show Answer
  The correct answer is B .
• Question 2298:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .
• Question 2299: Disguised unemployment Options:
  A) exist when manpower is not being utilized efficiently
  B) calls for the implementation of five plans
  C) can be eliminated if the press is free
  D) can be eliminated if the capital output ratio is increased
  E) is a statistical artifact with no economic meaning
  Show Answer
  The correct answer is A .
• Question 2300: By using exchange controls, a country tries to eliminate a balance of payments deficit by? Options:
  A) limiting her imports to its currency value of exports
  B) reducing the nation's domestic price level
  C) limiting her exports to its currency value of imports
  D) overvaluing the country's currency
  Show Answer
  The correct answer is A .