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 801: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B .
• Question 802: An important function of the retailer is to? Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 803: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 804:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 805:

  $$\begin{array}{|lcc|}\hline \text{Stage of Product}& \text{Value of Input}& \text{Sale Value of Output}\\ \text{Maize farmer}& -& N10.00\\ \text{Flour miller}& N10.00& N12.00\\ \text{Baker}& N12.00& N15.00\\ \text{Shop keeper}& N15.00& N20.00\\ \hline\end{array}$$

  The value of total output in the economy using the value added approach is

  Options:
  A) ₦57.00
  B) ₦37.00
  C) ₦20.00
  D) ₦15.00
  Show Answer
  The correct answer is C .
• Question 806: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 807: If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is Options:
  A) constant
  B) decreasing
  C) fluctuating
  D) increasing
  E) proportional
  Show Answer
  The correct answer is B .
• Question 808: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 809: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 810:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .