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 361: The active intervention of the central authorities in the management of a country's economy rest upon the? Options:
  A) failure of the market force to produce satisfactory result
  B) superiority of the centrally planned economy over the private enterprise economy
  C) result-oriented nature of the private enterprise economy
  D) cost-minimization strategy of a mixed economy
  Show Answer
  The correct answer is A .
• Question 362: Population density refers to? Options:
  A) densely populated urban centres
  B) the total area divided by the total population
  C) densely populated rural areas
  D) the total population divided by the total area
  Show Answer
  The correct answer is D .
• Question 363: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 364: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 365: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 366:

  

  If in this demand-supply diagram, the quantity supplied is OQ, then

  Options:
  A) price will be OP
  B) there will be excess demand of RT
  C) price will be ON
  D) price will tend to rise
  Show Answer
  The correct answer is B .
• Question 367: The population level that yields the maximum output when combined with available resources is known as Options:
  A) dependent population
  B) maximum population
  C) active population
  D) productive population
  E) optimum population
  Show Answer
  The correct answer is E .
• Question 368: A country embarks on deficit financing in order to Options:
  A) increase revenue
  B) reduce aggregate demand
  C) curb inflation
  D) stimulate investment
  Show Answer
  The correct answer is C .
• Question 369: One of the factors that determine the supply of agricultural produce in Nigeria is Options:
  A) Price of substitutes
  B) Technological development
  C) Consumers choice
  D) Consumers income
  Show Answer
  The correct answer is D .
• Question 370: In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT? Options:
  A) imposing import bans on some commodity
  B) imposing import duties
  C) drawing down on external reserves
  D) purchasing foreign exchanges from foreign countries
  E) devaluation of the currency
  Show Answer
  The correct answer is D .