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 491:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 492: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 493: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
  Show Answer
  The correct answer is A .
• Question 494:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.What is the modal score?

  Options:
  A) 36
  B) 42
  C) 54
  D) 62
  Show Answer
  The correct answer is D .
• Question 495: If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county Options:
  A) 48%
  B) 64%
  C) 40%
  D) 52%
  Show Answer
  The correct answer is B .
• Question 496: The distribution channel that contributes most to the cost of production is? Options:
  A) producer-wholesaler-consumer
  B) producer-retailer-consumer
  C) producer-retailer-wholesaler-consumer
  D) producer-wholesaler-retailer-consumer
  Show Answer
  The correct answer is D .
• Question 497: Generally, property taxes? Options:
  A) are borne entirely by landlords
  B) cannot be shifted in the long run
  C) are borne by all (renter, owner occupiers and landlords)
  D) are borne only by renters
  E) are borne by a few industrialist
  Show Answer
  The correct answer is C .
• Question 498: A change in demand for a normal good means Options:
  A) a shift in the demand curve
  B) a change in the price changes
  C) a movement along a given demand curve
  D) a change in the price elasticity
  Show Answer
  The correct answer is A .
• Question 499: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
  Show Answer
  The correct answer is B .
• Question 500:

  

  The difference in each country's total output on specification is

  Options:
  A) 16000 units
  B) 9000 units
  C) 8000 units
  D) 7000 units
  Show Answer
  The correct answer is D .