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 671: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
  Show Answer
  The correct answer is A .
• Question 672: 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 673: A discount house is a market where Options:
  A) various bills are exchanged
  B) short-term and medium-term loans are obtained
  C) shares are bought and sold
  D) short-term loans are obtained
  Show Answer
  The correct answer is A .
• Question 674:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 675:

  A budget with a projected revenue in excess of its expenditure is said to be?

  Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 676: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 677:

  $$\begin{array}{|lcc|}\hline \text{Stage of Product}& \text{Value of Input}& \text{Sale Value of Output}\\ \text{Maize farmer}& -& N10.00\\ \text{Flour miller}& N10.00& N12.00\\ \text{Baker}& N12.00& N15.00\\ \text{Shop keeper}& N15.00& N20.00\\ \hline\end{array}$$

  The value of total output in the economy using the value added approach is

  Options:
  A) ₦57.00
  B) ₦37.00
  C) ₦20.00
  D) ₦15.00
  Show Answer
  The correct answer is C .
• Question 678: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 679: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
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  The correct answer is D .
• Question 680: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .