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 51: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 52: Agricultural production in Nigeria is constrained by Options:
  A) ineffective use of stabilization measures
  B) inadequate demand
  C) poor implementation of policies
  D) balance of payments deficits
  Show Answer
  The correct answer is C .
• Question 53: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .
• Question 54: The marketing of agricultural products in Nigeria can be improved by Options:
  A) a massive production of farm produce
  B) re-establishing the marketing boards
  C) establishing more agricultural banks
  D) processing of farm produce
  Show Answer
  The correct answer is B .
• Question 55: Given that TC = TFC + TVC and TR = AR x Q, profit is equal to Options:
  A) (AR + Q) - TFC
  B) $\frac{\text{(TFC + TVC)}}{Q}$
  C) (AR x Q) - TC
  D) $\frac{\text{(TC x Q)}}{AR}$
  Show Answer
  The correct answer is C .
• Question 56:

  Among all the determinants of economic growth, the most important one is

  Options:
  A) Human capital
  B) Increased GDP
  C) Land and Natural resources
  D) Technologies
  Show Answer
  The correct answer is B .
• Question 57:

  Public corporation is financed with

  Options:
  A) Capital raised from shareholders
  B) Tax payer's money
  C) Capital raised from stock exchange
  D) Capital contributed by owners
  Show Answer
  The correct answer is B .
• Question 58: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 59: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 60: A huge national debt is an indication that the gold reserves of a nation has Options:
  A) appreciated
  B) decreased
  C) depreciated
  D) stagnated
  Show Answer
  The correct answer is D .