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 601:

  The purchasing power of money depends upon the__________

  Options:
  A) Value
  B) Index
  C) Price Level
  D) Wages
  Show Answer
  The correct answer is C .
• Question 602:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 603: In a mixed economy, decisions to produce are taken by? Options:
  A) men and women acting in their own best interest
  B) the government acting in the interest of the country
  C) the market women, the labour unions and the employers association
  D) private individuals, organization and the government
  Show Answer
  The correct answer is D .
• Question 604: Full employment is a situation in which? Options:
  A) every adult is employed
  B) all adults who can work are employed
  C) all person who attained the age of 15 and above are employed
  D) only the disabled are not employed
  E) all those who are able and eligible can find employment
  Show Answer
  The correct answer is E .
• Question 605:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 606: Mono production economies are those that? Options:
  A) have a rich cultural heritage
  B) produces only raw materials
  C) live from the export of their raw product
  D) produce one main commodities
  E) specialized in agricultral industries
  Show Answer
  The correct answer is D .
• Question 607:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 608: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 609: One of the fundamental economic problem of every society is Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 610:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .