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 741: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 742:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 743:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 744: The amount of labour hired depends on the Options:
  A) number of skilled labour available
  B) skill of labour
  C) marginal productivity of labour
  D) price of the inputs
  Show Answer
  The correct answer is C .
• Question 745: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
  Show Answer
  The correct answer is A .
• Question 746:

  $\frac{\sum f(x-x̄)}{N}$ is a formula used to calculate ____________

  Options:
  A) variance
  B) the quartile
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is D .
• Question 747:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 748: Division of labour has many advantages . Not withstanding, it is greatly limited by? Options:
  A) monotony of work
  B) decline of craftmanship
  C) risk of unemployment
  D) extent of market demand
  E) boredom
  Show Answer
  The correct answer is C .
• Question 749: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) long-term financial instruments
  B) money market instruments
  C) cash and near money
  D) short-term financial instruments
  Show Answer
  The correct answer is C .
• Question 750: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .