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 641:

  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 642: The difference between personal income and personal disposal income is? Options:
  A) personal income tax
  B) investment income
  C) personal savings
  D) consumption expenditure
  Show Answer
  The correct answer is A .
• Question 643: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 644: The following are qualities of money EXCEPT Options:
  A) acceptability
  B) divisibility
  C) homogeneity
  D) portability
  E) rationality
  Show Answer
  The correct answer is E .
• Question 645: Price can be defined as? Options:
  A) a rate of exchange
  B) a mediumof exchange
  C) the cost of product
  D) the standard of accounting
  Show Answer
  The correct answer is A .
• Question 646: The mobility of labour is mainly determined by Options:
  A) the age of workers
  B) government policy
  C) trade unions
  D) wage rate differentials
  Show Answer
  The correct answer is D .
• Question 647: By balance of visible trade we mean? Options:
  A) import and export of goods
  B) import and export of service
  C) balance of current account in the balance of payment
  D) balance of capital account in the baalance of payment
  E) all of this
  Show Answer
  The correct answer is A .
• Question 648: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
  Show Answer
  The correct answer is D .
• Question 649:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  What is the change in income?

  Options:
  A) N0.5m
  B) N1.5m
  C) N2.6m
  D) N8.0m
  Show Answer
  The correct answer is D .
• Question 650: The major objective of economic growth is to? Options:
  A) redistribute income and other benefits of growth
  B) equalize opportunities for education and employment
  C) increase the aggregate expenditure on goods and services
  D) increase real per capital income
  Show Answer
  The correct answer is D .