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 2511: A business organization set up for the mutual benefits of member with similar interest is known as Options:
  A) cooperative society
  B) partnership
  C) private limited company
  D) public corporation
  E) public limited company
  Show Answer
  The correct answer is A .
• Question 2512:

  The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

  Options:
  A) Structural unemployment
  B) Cyclical unemployment
  C) Seasonal unemployment
  D) Frictional unemployment
  Show Answer
  The correct answer is A .
• Question 2513: The following can be used to improve a country’s balance of payment EXCEPT Options:
  A) anti-dumping policies
  B) decreasing taxation on personal income
  C) granting subsidies to export producers
  D) increasing import duties
  E) removing export duties
  Show Answer
  The correct answer is B .
• Question 2514:

  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 .
• Question 2515:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 2516: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C .
• Question 2517: A balance budget is defined as a condition of? Options:
  A) balance of payments equilibrium
  B) equality of planned aggregate demand supply
  C) equality of planned receipts and planned expenditure
  D) equality of planned exports and planned imports
  Show Answer
  The correct answer is C .
• Question 2518: A decision on input combination solves the economic problem of Options:
  A) how to produce
  B) for whom to produce
  C) when to produce
  D) what to produce
  Show Answer
  The correct answer is D .
• Question 2519: In the normal channels of distribution the breaking of bulk is performed by the Options:
  A) producer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is B .
• Question 2520: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .