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:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
  Show Answer
  The correct answer is B .
• Question 2482: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 2483:

  The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

  Options:
  A) granting long-term loans
  B) assisting with technical expertise
  C) reducing tariff among members
  D) developing human resource
  Show Answer
  The correct answer is C .
• Question 2484: The main economic objective behind the production of goods and services in any economy is to? Options:
  A) maximize profits
  B) satisfy human wants
  C) become self reliant
  D) create job opportunities
  E) make people wealthy
  Show Answer
  The correct answer is B .
• Question 2485:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .
• Question 2486:

  A country has a population distribution as shown below:

  $\begin{array}{cc}\text{Age Group years}& \text{ Corresponding percentage}\\ \text{Above 60}& 22\\ 15-60& 60\\ 0-14& 15\end{array}$

  The dependency ratio is

  Options:
  A) 3:2
  B) 1:3
  C) 2:3
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 2487: In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the? Options:
  A) dependency is ratio high
  B) population is optimum
  C) active population is large
  D) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .
• Question 2488: One of the following is NOT a reason for increase in public expenditure Options:
  A) decrease arising from public debt and its servicing
  B) increase in capital expenditure to provide social services
  C) increase financial commitment for defence and security
  D) increase in recurrent expenditure with regard to wages and salary paid to public servant
  E) returns on viable public corporation
  Show Answer
  The correct answer is D .
• Question 2489:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2490: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in Options:
  A) Paris, France
  B) Geneva, Switzerland
  C) Lagos, Nigeria
  D) Vienna, Austria
  Show Answer
  The correct answer is D .