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 771:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 772: Normative economics deals with? Options:
  A) what is and not what should be
  B) facts and not figures
  C) facts and figures
  D) value judgements
  Show Answer
  The correct answer is D .
• Question 773:

  The labour force of a country is determined by the___________

  Options:
  A) geographical distribution of the population
  B) age structure of the population
  C) number of people available for work
  D) sex distribution of the population
  Show Answer
  The correct answer is B .
• Question 774: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .
• Question 775: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 776: The joint ventures operating in the Nigerian oil industry are between? Options:
  A) the NNPC and independent marketers
  B) the NNPC and multinational marketers
  C) the NNPC and producer marketers
  D) multinational corperations and independent marketers
  Show Answer
  The correct answer is C .
• Question 777:

  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 778:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 779: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 780:

  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 .