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 2671: Labour force simply means the Options:
  A) demand and supply of labour
  B) efficiency of labour
  C) job seekers
  D) unemployable population
  E) working population
  Show Answer
  The correct answer is E .
• Question 2672: Which of the following situations can give rise to economic problems? Options:
  A) Unlimited human wants
  B) Wants of varying important
  C) Limited means available for satisfying wants
  D) Means used in different ways
  Show Answer
  The correct answer is A .
• Question 2673: A country's terms of trade can be improved by ____? Options:
  A) collective bargaining
  B) imposing lower export duties
  C) revelation of currency
  D) reducing demand for imported goods
  Show Answer
  The correct answer is B .
• Question 2674: The price per unit of a commodity to a buyer is the same as the Options:
  A) Normal profit of the seller
  B) Average revenue of the seller
  C) Marginal cost of the commodity
  D) Marginal revenue of the seller
  Show Answer
  The correct answer is B .
• Question 2675: The minimum amount which banks are required to deposit with the central bank is determined by the Options:
  A) liquidity ratio
  B) cash reserve ratio
  C) minimum lending rate
  D) aggregate credit ceiling
  Show Answer
  The correct answer is C .
• Question 2676:

  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 2677:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2678: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
  Show Answer
  The correct answer is C .
• Question 2679:

  

  In the diagram above, the price P₂ in price control situation, is referred to as

  Options:
  A) minimum price
  B) markup price
  C) maximum price
  D) mark-down price
  Show Answer
  The correct answer is C .
• Question 2680:

  Local firms can help in reducing unemployment in a country when

  Options:
  A) land acquisition becomes centralized
  B) imports of substitutes are reduced
  C) waste in the firm is eliminated
  D) subsidies to firms are decreased
  Show Answer
  The correct answer is B .