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 701: National income at factor cost means national income at? Options:
  A) current prices
  B) nominal prices
  C) last year prices
  D) base year prices
  Show Answer
  The correct answer is A .
• Question 702:

  The population of country X in 1990 was 35 million.

  The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.

  Options:
  A) 24,250,000
  B) 25,350,000
  C) 34,750,000
  D) 35,250,000
  Show Answer
  The correct answer is D .
• Question 703:

  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 704:

  The factor of production that has the highest degree of mobility is__________?

  Options:
  A) entrepreneurship
  B) land
  C) labour
  D) capital
  Show Answer
  The correct answer is C .
• Question 705: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 706: A country's terms of trade can be improved by ____? Options:
  A) collective bargaining
  B) imposing lower export duties
  C) revelation of currency
  D) reducing demand for imported goods
  Show Answer
  The correct answer is B .
• Question 707: Infant industries are Options:
  A) a baby food and a baby clothing factories
  B) those which are introducing new products
  C) cases of arrested development
  D) industries temporarily protected by tariff barriers until mature enough to compete on world markets
  E) industries that are allowed to remain permanent cases of adolescence
  Show Answer
  The correct answer is D .
• Question 708:

  Fiscal policy measures imply a change in

  Options:
  A) only taxation to control aggregate demand
  B) bank rate to infulence lending
  C) only government expenditure to regulate an economy
  D) government revenue and expenditure to regulate an economy
  Show Answer
  The correct answer is D .
• Question 709:

  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 710: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .