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 2611: In a sole proprietorship, the decisions are made by the? Options:
  A) governmnet
  B) borad of directors
  C) management
  D) shareholders'conference
  E) owner
  Show Answer
  The correct answer is E .
• Question 2612: Transcationary motive implies, holding money Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2613:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2614:

  The middlemen is responsible for

  Options:
  A) providing research facilities
  B) purchasing raw materials
  C) designing the product
  D) breaking the bulk
  Show Answer
  The correct answer is D .
• Question 2615: Which of the following hinder(s) effective distribution of goods in Nigeria? Options:
  A) Branding and packaging of goods
  B) Good transportation network
  C) Large quantity of goods
  D) numerous middlemen
  E) Warehousing facilities
  Show Answer
  The correct answer is D .
• Question 2616:

  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 2617: A greater burden of the taxes on essential goods is borne by the? Options:
  A) middle income group
  B) higher income group
  C) lower income group
  D) people falling between the middle and higher income groups
  E) top few richest people of the country
  Show Answer
  The correct answer is C .
• Question 2618: Mono production economies are those that? Options:
  A) have a rich cultural heritage
  B) produces only raw materials
  C) live from the export of their raw product
  D) produce one main commodities
  E) specialized in agricultral industries
  Show Answer
  The correct answer is D .
• Question 2619: If the active population is 50 million and unemployed is 5 million what is the unemployment rate? Options:
  A) 10%
  B) 45%
  C) 55%
  D) 90%
  Show Answer
  The correct answer is A .
• Question 2620: The difference between gross national product and net national product is equal to? Options:
  A) gross investment
  B) net investment
  C) net foreign income
  D) capital depreciation
  Show Answer
  The correct answer is D .