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 651:

  A country has a population distribution as shown below:

  $\begin{array}{cc}\text{Age Group years}& \text{ Corresponding percentage}\\ \text{Above 60}& 22\\ 15-60& 60\\ 0-14& 15\end{array}$

  The dependency ratio is

  Options:
  A) 3:2
  B) 1:3
  C) 2:3
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 652: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .
• Question 653:

  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 654:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 655:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 656:

  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 657:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 658:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 659: Economic freedom is a basic feature of economy Options:
  A) an industrialized economy
  B) a planned economy
  C) a developed economy
  D) a market economy
  Show Answer
  The correct answer is D .
• Question 660:

  In order to increase revenue, government should tax commodities for which demand is

  Options:
  A) perfectly price inelastic
  B) price inelastic
  C) price elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .