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 2661: If commodity X is a by-product of commodity Y , this implies that both commodities are Options:
  A) in competitive supply
  B) in composite supply
  C) jointly supplied
  D) in excess supply
  Show Answer
  The correct answer is B .
• Question 2662: Unemployment resulting from physical or mental deficiency is known as……………unemployment. Options:
  A) cyclical
  B) disguised
  C) Frictional
  D) residual
  E) Voluntary
  Show Answer
  The correct answer is D .
• Question 2663:

  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 2664:

  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 2665:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 2666:

  

  The flow labelled Y refers to

  Options:
  A) real income
  B) factor payment
  C) factor input
  D) national income
  Show Answer
  The correct answer is C .
• Question 2667:

  The business risks of a public corporation are borne ultimately________

  Options:
  A) by the government
  B) by the treasury
  C) by the rate payers
  D) by the tax payers
  Show Answer
  The correct answer is D .
• Question 2668: The major role of multi-national companies in the petroleum industry in Nigeria is Options:
  A) the establishment of refineries
  B) oil marketing and prospecting
  C) oil marketing only
  D) oil prospecting only
  Show Answer
  The correct answer is B .
• Question 2669: A major determinant of the demand for a luxury goods is Options:
  A) the price of the goods
  B) the price of other goods
  C) the income of consumers
  D) tastes and fashion
  Show Answer
  The correct answer is A .
• Question 2670: Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population? (ii) A large proportion of the population is engaged in agriculture.(iii) Agriculture products are used as raw materials by the local industries. (iv) It serves as sources of heavy equipment to local industries. Options:
  A) i and ii only
  B) i,ii and iii only
  C) i, ii and iv only
  D) ii and iii only
  Show Answer
  The correct answer is B .