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 581:

  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 582:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 583: Development plans have not been successful in some developing countries largely because of? Options:
  A) very large working population
  B) increase level of consumption
  C) scarcity of industrial raw materials
  D) shortage of skilled labour and experts
  Show Answer
  The correct answer is D .
• Question 584: If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is Options:
  A) zero
  B) 1
  C) 2
  D) 5
  E) 10
  Show Answer
  The correct answer is C .
• Question 585: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 586: The demand for factors of production is said to be Options:
  A) competitive
  B) complementary
  C) composite
  D) derived
  E) joint
  Show Answer
  The correct answer is D .
• Question 587: If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is Options:
  A) balanced
  B) deficit
  C) restricted
  D) surplus
  Show Answer
  The correct answer is D .
• Question 588: The use of tax and expenditure policy to regulate the economy is known as Options:
  A) deregulation
  B) fiscal policy
  C) monetary policy
  D) physical measures
  E) structural adjustment
  Show Answer
  The correct answer is B .
• Question 589: A major obstacle to the development of Nigeria economy is Options:
  A) low capital formation
  B) rural-urban migration
  C) over dependence on oil
  D) poor developmental policies
  Show Answer
  The correct answer is D .
• Question 590: An increase in government expenditure will lead to? Options:
  A) investment opportunities for foreign investors
  B) an increase in the level of aggregate demand
  C) an increase in total tax revenue
  D) reduction in total tax revenue
  Show Answer
  The correct answer is B .