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 2491: Economic growth can be defined as Options:
  A) a rapid and sustained rise in real output per head
  B) A rise in real income per head
  C) an increase in technology only
  D) insufficiency in food production
  E) over population in a country
  Show Answer
  The correct answer is B .
• Question 2492: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 2493: The following are qualities of money EXCEPT Options:
  A) acceptability
  B) divisibility
  C) homogeneity
  D) portability
  E) rationality
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  The correct answer is E .
• Question 2494: In the demographic transition theory, stage II represents a stage where Options:
  A) declining birth rates with low death rates lead to little or no population growth
  B) high birth rate with low death rates lead to no population growth
  C) there is population growth due to high birth rates and low death rates at that stages
  D) there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
  E) there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
  Show Answer
  The correct answer is D .
• Question 2495: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 2496: If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is? Options:
  A) 0.33
  B) 0.0001
  C) 1
  D) 10,000
  Show Answer
  The correct answer is C .
• Question 2497: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 2498: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 2499:

  The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

  Options:
  A) Sales promotion
  B) Term of trade
  C) Export promotion
  D) International trade
  Show Answer
  The correct answer is C .
• Question 2500: The labour force of a country best describes Options:
  A) the number of people in paid employment
  B) the number of people receiving pension
  C) people within the retirement age
  D) people within the working age
  Show Answer
  The correct answer is D .