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 761:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 762: A firm is said to be a public joint-stock company when it Options:
  A) has unlimited liability
  B) is administered by the public
  C) is owned by the government
  D) operates as a public corporation
  E) sells its shares to members of the public
  Show Answer
  The correct answer is E .
• Question 763:

  Adam Smith's Theory of value stated that the value of a commodity depended on________

  Options:
  A) The market price in a free market over a long period
  B) The over-all cost of production of the commodity
  C) The amount of labour expended on its production
  D) Its relative scarcity at any given time
  Show Answer
  The correct answer is C .
• Question 764:

  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 765: A major determinant of the demand for a luxury goods is Options:
  A) the price of the goods
  B) the price of other goods
  C) the income of consumers
  D) tastes and fashion
  Show Answer
  The correct answer is A .
• Question 766:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 767: In a planned economy, what shall be produced is determined primarily by? Options:
  A) what the consumer wants
  B) government decisions
  C) price mechanism
  D) the pattern of consumer spending
  Show Answer
  The correct answer is B .
• Question 768: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 769:

  Which of these is not a cause of high population growth in Nigeria?

  Options:
  A) Improved hygiene
  B) Reduction in death rate
  C) Family planning unit of Nigeria
  D) Increased birth rate
  Show Answer
  The correct answer is C .
• Question 770:

  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 .