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 2481: Below equilibrium, the gap between aggregate demand and the full employment level of income is called the? Options:
  A) inflationary gap
  B) income gap
  C) unemployment gap
  D) deflationary gap
  Show Answer
  The correct answer is A .
• Question 2482: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 2483:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 2484: An accurate census figure is an important tool for planners in Options:
  A) providing employment
  B) siting industries
  C) providing social amenities
  D) allocating resources
  Show Answer
  The correct answer is C .
• Question 2485: The minimum amount which banks are required to deposit with the central bank is determined by the Options:
  A) liquidity ratio
  B) cash reserve ratio
  C) minimum lending rate
  D) aggregate credit ceiling
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  The correct answer is C .
• Question 2486: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 2487:

  A downward sloping demand curve means that

  Options:
  A) total revenue declines as price is lowered
  B) demand falls as output increases
  C) demand falls as output falls
  D) price must be lowered to sell more
  Show Answer
  The correct answer is D .
• Question 2488:

  Which of the following is not a cause of unemployment_______

  Options:
  A) poor education
  B) lack of skills
  C) good government planning
  D) corruption
  Show Answer
  The correct answer is C .
• Question 2489: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
  Show Answer
  The correct answer is D .
• Question 2490:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .