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: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
  Show Answer
  The correct answer is B .
• Question 472: Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct? Options:
  A) The value of industrial exports is declining
  B) The value of industrial imports is constant
  C) The share of agricultural exports is increasing
  D) The share of agricultural export is decreasing
  E) The value of mineral export is declining
  Show Answer
  The correct answer is D .
• Question 473: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
  Show Answer
  The correct answer is A .
• Question 474:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 475: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .
• Question 476: The most common index used for measuring development is? Options:
  A) the level of literacy
  B) per capita income
  C) nutritional levels
  D) population growth rate
  Show Answer
  The correct answer is B .
• Question 477:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 478:

  Producers operating in a free market economy are more efficient as a result of

  Options:
  A) the existence of competition
  B) the very few number of participants
  C) the commitment of the shareholders
  D) government regulation of their activities
  Show Answer
  The correct answer is A .
• Question 479: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 480: Comparative advantage implies that a country will specialize in producing the commodity? Options:
  A) with the highest opprotunity cost
  B) for which output per worker is lower than in other countries
  C) with the lowest opportunity cost
  D) for which output per worker is the same with those of other countries
  Show Answer
  The correct answer is C .