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 471: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
  Show Answer
  The correct answer is D .
• Question 472:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 473: The only factor of production that plays an active role in the production process is Options:
  A) land
  B) capital
  C) entrepreneur
  D) labour
  Show Answer
  The correct answer is C .
• Question 474:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 475: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 476: The maintenance of general economic stability in the country necessarily relies heavily on? Options:
  A) federal fiscal policy
  B) coordinated federal, state and local fiscal policies
  C) tax and revenue policies of state governments
  D) federal grants to state and local government
  E) federal grants to local governments
  Show Answer
  The correct answer is B .
• Question 477:

  The number of people who are qualified to work and who offered themselves for employment are called

  Options:
  A) mobility of labour
  B) working population
  C) migrant labour
  D) labour turnover
  Show Answer
  The correct answer is B .
• Question 478:

  

  Commercial banks can create money in the following ways

  Options:
  A) by issuing coins and paper money
  B) by borrowing money from Banks abroad
  C) by receiving deposits from individuals
  D) by printing money on the instructions of the Central Bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 479: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .
• Question 480:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .