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 241: If real income increases while nominal income remains the same, it can be inferred that Options:
  A) Unemployment rate has decreased
  B) General prices has fallen
  C) Employment rate has risen
  D) General prices have risen
  Show Answer
  The correct answer is B .
• Question 242: 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 243: When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of? Options:
  A) Nigeria's invisible export trade
  B) Nigeria's import trade
  C) Nigeria's invisble trade
  D) foreign capital inflow into Nigeria
  Show Answer
  The correct answer is A .
• Question 244: Which of the following statements describes a mixed economy? Options:
  A) The government and the private sector interact in solving the basic economic problems
  B) The invisible hand solves the basic economic problems
  C) The government produces and distributes all goods and services
  D) Society answers the 'what', 'how', and 'for whom' questions only through the market system
  Show Answer
  The correct answer is A .
• Question 245: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 246: The trade-off between two commodities along the Production Possibility Curve (PPC) shows Options:
  A) opportunity cost principle
  B) scarcity principle
  C) transferable output
  D) unattainable combination
  E) under utilization of resources
  Show Answer
  The correct answer is D .
• Question 247:

  The lands that belong to the community is referred to as__________

  Options:
  A) sacred land
  B) individual land
  C) communal land
  D) rent land
  Show Answer
  The correct answer is C .
• Question 248:

  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 249: One of the techniques for rectifying a deficit balance of payment is? Options:
  A) import promotion
  B) devaluation
  C) physical intervention
  D) borrowing from abroad
  Show Answer
  The correct answer is B .
• Question 250: Which of these is NOT a bottle neck In the distribution of goods In Nigeria? Options:
  A) Adequate transportation network
  B) Inadequate credit facilities
  C) Inadequate storage facilities
  D) poor processing and packaging
  E) Unnecessary hoarding
  Show Answer
  The correct answer is A .