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 2861:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 2862: Which of the following yields more revenue to Nigeria? Options:
  A) Value added tax
  B) Royalties
  C) indirect tax
  D) Direct tax
  Show Answer
  The correct answer is C .
• Question 2863: A major assumption in cardinal utility theory is that Options:
  A) utility is measureable
  B) utility is not measurable
  C) total utility equals marginal utility
  D) total utility is constant
  Show Answer
  The correct answer is A .
• Question 2864: An economic system where both the public and individuals own and control means of production is known as ……… system Options:
  A) capitalism
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .
• Question 2865: One of the following is NOT a reason for increase in public expenditure Options:
  A) decrease arising from public debt and its servicing
  B) increase in capital expenditure to provide social services
  C) increase financial commitment for defence and security
  D) increase in recurrent expenditure with regard to wages and salary paid to public servant
  E) returns on viable public corporation
  Show Answer
  The correct answer is D .
• Question 2866: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
  Show Answer
  The correct answer is D .
• Question 2867:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 2868: The law of diminishing marginal utility explains why Options:
  A) the slope of a normal demand curve is negative
  B) an abnormal demand curve slopes upwards
  C) the slope of a normal demand curve is positive
  D) the consumption of inferior goods increases with income
  Show Answer
  The correct answer is A .
• Question 2869: If a person demands money for buying and selling securities. It is referred as demanding money for Options:
  A) Transaction purposes
  B) Speculative purposes
  C) Precautionary purposes
  D) Meeting the educational expenses of the children
  E) Carrying out gambling activities
  Show Answer
  The correct answer is B .
• Question 2870: Deficit financing is mostly facilitated by the existence of? Options:
  A) stock exchange market
  B) commercial bank
  C) central bank
  D) capital market
  Show Answer
  The correct answer is C .