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 2821: 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 .
• Question 2822: A smaller industry that grows to cater for the need of the major industry is Options:
  A) subsidiary industry
  B) constructive industry
  C) manufacturing industry
  D) infant industry
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  The correct answer is A .
• Question 2823: The following are problems of development planning in Nigeria EXCEPT Options:
  A) death of skilled manpower
  B) inadequate capital
  C) inadequate statistical data
  D) poor implementation of economic planning
  E) under-population
  Show Answer
  The correct answer is E .
• Question 2824: 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 2825:

  

  What is the market equilibrium price?

  Options:
  A) 5.00
  B) 8.00
  C) 9.00
  D) 7.00
  E) 6.00
  Show Answer
  The correct answer is E .
• Question 2826:

  Which of the following is used by the central bank to control the rate of interest

  Options:
  A) bill of exchange
  B) banker's order
  C) fixed deposit account
  D) open market operation
  Show Answer
  The correct answer is D .
• Question 2827: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 2828:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2829: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 2830: Balance of trade is the difference between? Options:
  A) exports and imports of goods and services
  B) capital inflows and capital outflows
  C) visible and invisible balances
  D) exports and imports of goods
  Show Answer
  The correct answer is D .