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 2921: Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20 Options:
  A) 36.60
  B) 22.00
  C) 30.60
  D) 26.00
  Show Answer
  The correct answer is B .
• Question 2922:

  Which one of the following measures the natural growth rate of population?

  Options:
  A) Natural increase - Birth rate + Net migration
  B) Birth rate - Death rate
  C) Birth rate/Death rate
  D) Birth + Net migration = Death
  Show Answer
  The correct answer is B .
• Question 2923: Improved labour efficiency can be measured by? Options:
  A) an increase in output-input ratio
  B) an decrease in output-input ratio
  C) the constancy of input-output ratio
  D) an increase in input-output ratio
  Show Answer
  The correct answer is A .
• Question 2924: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .
• Question 2925:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .
• Question 2926: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 2927: An increase in both the legal reserve ratio and discount rate has the effect of? Options:
  A) increasing the quantity of money in circulation
  B) decreasing the quantity of money in circulation
  C) increasing the value of money
  D) decreasing the value of money
  Show Answer
  The correct answer is B .
• Question 2928: One of the causes of the present high rate of inflation in Nigeria is Options:
  A) increasing budget surplus
  B) increasing factor costs
  C) exchange rate appreciation
  D) high capacity utilization
  Show Answer
  The correct answer is C .
• Question 2929: The basic economic problems of the society include? Options:
  A) what to produce, how and for whom
  B) how to produce and sell
  C) scarcity, when to produce and how
  D) scarcity, for whom to produce and where
  Show Answer
  The correct answer is A .
• Question 2930: A firm will experience diseconomies of scale when Options:
  A) there are difficulties in coordinating production
  B) there is shortage in labour supply
  C) the size of market is small
  D) there is an increase in the price of raw materials
  Show Answer
  The correct answer is A .