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 871:

  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 872: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 873: Government intervention in an economy is often justified on the group that? Options:
  A) wants are unlimited while resources are scarce
  B) productivity is higher in the public than in the private sector
  C) free market may not work, or produce desirable results
  D) opportunity cost of government expenditure is zero
  Show Answer
  The correct answer is A .
• Question 874: The 1962-1968 development plan in nigerian failed because of Options:
  A) absence of indigenous bank
  B) higher exchange rate
  C) non availability of finance house
  D) movement of colonial masters
  E) over dependency on foreign capital
  Show Answer
  The correct answer is E .
• Question 875: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .
• Question 876: Stock and shares as well as bonds are examples of instruments used in the? Options:
  A) commodity markets
  B) money markets
  C) capital markets
  D) security markets
  Show Answer
  The correct answer is D .
• Question 877: Excess supply over demand will place a price advantage on _____ Options:
  A) government
  B) foreign investors
  C) suppliers
  D) consumers
  Show Answer
  The correct answer is D .
• Question 878: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
  Show Answer
  The correct answer is B .
• Question 879: The commercial banks differ from non-bank financial institutions because they Options:
  A) Accept deposits withdrawable by cheque
  B) Mobilize savings
  C) Invest surplus funds
  D) Contribute to economic development
  Show Answer
  The correct answer is A .
• Question 880:

  The largest component of national income in developing countries consist of

  Options:
  A) profit
  B) profit and rent
  C) rent
  D) wages and salaries
  Show Answer
  The correct answer is D .