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 2641:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2642: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 2643: Population growth can be calculated as ? Options:
  A) Birth rate + death rate + migration rate + immigration rate
  B) Birth rate – death rate + migration rate -immigration rate
  C) Birth rate + death rate – migration rate + immigration rate
  D) Birth rate – death rate – emigration rate + immigration rate
  E) Birth rate – death rate
  Show Answer
  The correct answer is D .
• Question 2644: Which of the following BEST describes the production function? Options:
  A) it indicates best output to produce
  B) it relates naira inputs to naira output
  C) it relates physical outputs to physical inputs
  D) it indicates the best way to combine factors to produce given output
  Show Answer
  The correct answer is C .
• Question 2645: A huge national debt is an indication that the gold reserves of a nation has Options:
  A) appreciated
  B) decreased
  C) depreciated
  D) stagnated
  Show Answer
  The correct answer is D .
• Question 2646:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12If price is increased to N3, how much is the excess supply?

  Options:
  A) 30
  B) 22
  C) 12
  D) 8
  Show Answer
  The correct answer is B .
• Question 2647: country is said to be overpopulated when Options:
  A) the resocurce are more than enough to cater for the population
  B) the size of the population is greater than the annual budget
  C) the resources are inadequate to cater for the population
  D) there are too many able-bodied men and women in the country
  Show Answer
  The correct answer is C .
• Question 2648: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 2649: The Central Bank instrument of control does NOT include Options:
  A) open market operation
  B) moral sanctions
  C) reverse requirements
  D) selective credit control
  E) printing bank-notes
  Show Answer
  The correct answer is B .
• Question 2650: If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county Options:
  A) 48%
  B) 64%
  C) 40%
  D) 52%
  Show Answer
  The correct answer is B .