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 31: As a country gets more developed, the percentage of labour engaged in agriculture tends to? Options:
  A) remain constant
  B) decrease steadily
  C) switch over to trading
  D) increase steadily
  Show Answer
  The correct answer is B .
• Question 32:

  $\begin{array}{cc}\text{Age group(years)}& \text{Distribution(\%)}\\ \text{Above 60}& 30\\ 15-60& 45\\ 0-14& 25\end{array}$

  The estimated dependency ratio of the population distribution shown here is

  Options:
  A) 11:9
  B) 9:11
  C) 7:3
  D) 3:7
  Show Answer
  The correct answer is A .
• Question 33: The middlemen in the chain of distribution are? Options:
  A) manufacturers and consumers
  B) wholesalers and retailers
  C) consumers and wholesalers
  D) retailers and consumers
  Show Answer
  The correct answer is B .
• Question 34: A disadvantage of Nigeria's dependence on imported petroleum products is the Options:
  A) instability in the demand for the products
  B) dominance of multinational firms
  C) instability in the supply of the product
  D) poor maintenance of the refineries
  Show Answer
  The correct answer is C .
• Question 35:

  A market is in disequilibrium if

  Options:
  A) the quantity purchased is greater than quantity sold
  B) the quantity sold differs from the quantity purchased
  C) at a lower price, a large quantity is sold
  D) the quantity demanded differs from the quantity supplied
  Show Answer
  The correct answer is D .
• Question 36: Economic growth takes place when there is an increase in Options:
  A) savings over time
  B) investment over time
  C) population over time
  D) output over time
  Show Answer
  The correct answer is D .
• Question 37: An account from which allocations are made to the three tier of government in Nigeria is called the? Options:
  A) National Income Account
  B) Public Sector
  C) Federation account
  D) National Revenue Mobilization Account
  Show Answer
  The correct answer is C .
• Question 38:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
  Show Answer
  The correct answer is B .
• Question 39: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 40:

  The factor of production that has the highest degree of mobility is__________?

  Options:
  A) entrepreneurship
  B) land
  C) labour
  D) capital
  Show Answer
  The correct answer is C .