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 891: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 892: An imperfect market exist where? Options:
  A) the product is homogenous
  B) there is perfect information among sellers
  C) both buyers and sellers have free entry into and free exits from the market
  D) the location of some sellers gives them an advantage over others
  Show Answer
  The correct answer is D .
• Question 893:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 894: A good measure of the standard of living usually used for international comparison is Options:
  A) gross natioal income (GNI)
  B) net national income (NNI)
  C) gross national product (GNP)
  D) gross domestic product (GDP)
  E) per capital income (PCI)
  Show Answer
  The correct answer is E .
• Question 895: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .
• Question 896:

  Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

  Options:
  A) 208
  B) 104
  C) 54
  D) 4
  Show Answer
  The correct answer is B .
• Question 897: The main handicap of sole proprietorship is? Options:
  A) limited liability
  B) lack of technical know-how
  C) low profit margin
  D) inadequate capital
  Show Answer
  The correct answer is D .
• Question 898: Which of the folowing NOT among the objectives of OPEC? Options:
  A) to stabilize the revenue from oil to producing countries
  B) to stabilize the price of iol in the world market
  C) to make sure that oil flows to all the consuming countries
  D) to estabilished petroleum refineries in all member state
  E) to co-ordinate and harmonize the oil policies of member countries
  Show Answer
  The correct answer is B .
• Question 899:

  

  From this diagram, the minimum wage OW will lead to

  Options:
  A) full employment of resources
  B) unemployment
  C) inflation
  D) full employment of factors of production
  Show Answer
  The correct answer is D .
• Question 900: Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28 Options:
  A) 10
  B) 38
  C) 35
  D) 22
  Show Answer
  The correct answer is D .