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 101: Net National Product is derived by deducting Options:
  A) net exports from GNP
  B) subsidies from GDP
  C) taxes from GDP
  D) depreciation from GNP
  Show Answer
  The correct answer is D .
• Question 102:

  

  The diagram illustrates

  Options:
  A) the circular flow of income
  B) gross national product plus depreciation
  C) incomes of the private sector
  D) the profit of business enterprises
  E) the output approach to national income determination
  Show Answer
  The correct answer is A .
• Question 103:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 104:

  An industry is

  Options:
  A) A group of firms producing differentiated products
  B) A group of firms producing distinct commodities
  C) A group of firms producing related goods
  D) A group of firms producing unrelated goods
  Show Answer
  The correct answer is C .
• Question 105: Other products gotten from Petroleum include the following EXCEPT: Options:
  A) Rubber
  B) fuel
  C) paints
  D) insecticides
  Show Answer
  The correct answer is A .
• Question 106:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 107: In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT? Options:
  A) imposing import bans on some commodity
  B) imposing import duties
  C) drawing down on external reserves
  D) purchasing foreign exchanges from foreign countries
  E) devaluation of the currency
  Show Answer
  The correct answer is D .
• Question 108: One of the ways of correcting a deficit balance of payments is to Options:
  A) revalue a country's currency
  B) devalue a country's currency
  C) increase imports
  D) reduce exports
  Show Answer
  The correct answer is B .
• Question 109: 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 .
• Question 110: Activities in the oil and gas industry are classified into Options:
  A) oil exploration and distribution
  B) refining and marketing of finished products
  C) upstream and downstream
  D) exploration and drilling
  Show Answer
  The correct answer is C .