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: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population Options:
  A) 10
  B) 20
  C) 30
  D) 50
  Show Answer
  The correct answer is C .
• Question 692: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .
• Question 693:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .
• Question 694:

  Mono production economies are those that____

  Options:
  A) Produce one main commodities
  B) Have a rich cultural heritage.
  C) Specialize in agricultural industries.
  D) Produce only raw materials.
  Show Answer
  The correct answer is A .
• Question 695:

  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 696: If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was Options:
  A) 4.02%
  B) 2.10%
  C) 2.06%
  D) 1.03%
  Show Answer
  The correct answer is D .
• Question 697:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 698:

  The most important attribute of money is?

  Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptance
  Show Answer
  The correct answer is D .
• Question 699:

  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 700: Gains from trade depends on? Options:
  A) comparative advantage
  B) absolute advantage
  C) distributive cost advantage
  D) absolute cost advantage
  Show Answer
  The correct answer is A .