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 1081: The effect of emigration on a country's population, all other things remaining equal, is to Options:
  A) increase its size
  B) cause overpopulation
  C) increase its growth rate
  D) reduce the proportion of children
  E) reduce its size
  Show Answer
  The correct answer is E .
• Question 1082: If Nigeria imports vehicles from Japan the transaction will appear as a Options:
  A) debit on Japan's balance of payments
  B) credit on Japan's balance of payments
  C) credit on Nigeria's balance of trade
  D) credit on Nigeria's balance of payment
  Show Answer
  The correct answer is B .
• Question 1083:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 1084: If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out? Options:
  A) N9,000
  B) N3,330
  C) N2,770
  D) N2,100
  Show Answer
  The correct answer is D .
• Question 1085: An aspect of taxation that involves normative economics is the? Options:
  A) ]tax rate
  B) effect on incentive to work
  C) fairness of the tax
  D) tax burden
  Show Answer
  The correct answer is B .
• Question 1086: Which of the following statements describes a mixed economy? Options:
  A) The government and the private sector interact in solving the basic economic problems
  B) The invisible hand solves the basic economic problems
  C) The government produces and distributes all goods and services
  D) Society answers the 'what', 'how', and 'for whom' questions only through the market system
  Show Answer
  The correct answer is A .
• Question 1087: It is important to measure the National Income of a country because? Options:
  A) it is a major determinant of the standard of living
  B) it reveals hazards of development like pollution and congestion
  C) it reveals the distribution of the citizen's savings in foreign banks
  D) its size determines the extent of political stability
  Show Answer
  The correct answer is A .
• Question 1088: Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 Options:
  A) 50litres
  B) 32.5litres
  C) 30litres
  D) 35litres
  Show Answer
  The correct answer is B .
• Question 1089: A movement along the same demand curve is caused by the Options:
  A) price of the product
  B) price of other products
  C) income of the consumer
  D) taste of the consumer
  Show Answer
  The correct answer is A .
• Question 1090: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .