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 691: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 692: Economics is called a social science because it is Options:
  A) A branch of social studies
  B) A study of the ways man devises to satisfy his unlimited wants from unlimited resources
  C) A dismissal science in the Malthusian sense
  D) Governed by scientific law
  E) The study of human wants by the means of scientific method of observation
  Show Answer
  The correct answer is B .
• Question 693: 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 694:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 695: The meaningof 'Dumping' is selling goods in a foreign market Options:
  A) at a low price that recieved in the home market
  B) at a price higher than that recieved in the foreign market
  C) at a price equal to the cost price in the home market
  D) in order to encourage indigenous producers
  E) at a price equal to the selling price in the home market
  Show Answer
  The correct answer is A .
• Question 696: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 697: An entirely domestic effort directed at improving agricultural production in Nigeria is the? Options:
  A) Agricultural Development Programme
  B) Agro-industrial Development Scheme
  C) Food and Agricultural Organization
  D) National Land Development Authority
  Show Answer
  The correct answer is A .
• Question 698:

  Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  Options:
  A) 100 days
  B) 30 days
  C) 90 days
  D) 14 days
  Show Answer
  The correct answer is C .
• Question 699: The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to? Options:
  A) increase their output
  B) decrease their output
  C) keep their output constant
  D) hoard their output
  Show Answer
  The correct answer is A .
• Question 700: Public debt is composed of? Options:
  A) internal debts and World Bank loans
  B) money owed to local and foreign contractors
  C) internal and external debts
  D) loans granted by IMF and ADB
  Show Answer
  The correct answer is C .