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 1531: The reduction of high fertility rate is a measure in population control designed to make the? Options:
  A) female population higher than the male
  B) female and male population equal
  C) male population higher than the female
  D) growth in population more sustainable
  Show Answer
  The correct answer is D .
• Question 1532:

  

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The tax imposed is borne

  Options:
  A) totally by the consumer
  B) totally by the producer
  C) equally by both the consumer and the producer
  D) by the the government
  Show Answer
  The correct answer is A .
• Question 1533:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .
• Question 1534: The primary function of non-bank financial institutions is to Options:
  A) manage investment portfolios for government
  B) mobilize savings for investment
  C) grant loans to banks
  D) receive deposits from banks
  Show Answer
  The correct answer is B .
• Question 1535: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .
• Question 1536: In perfect competition,price is determined by the Options:
  A) government
  B) sellers
  C) buyers
  D) market
  Show Answer
  The correct answer is D .
• Question 1537:

  	Share of gross national product (GNP)	Share of total employment	Growth rate of output
  All agriculture	40%	70%	3%
  Industry and mining	30%	10%	10%
  Trade andservices	30%	20%	5%

  What is the growth rate of GNP?

  Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 0.5%
  E) 4.1%3
  Show Answer
  The correct answer is A .
• Question 1538:

  Which of the following is an example of aninvisibleitem on the balance of payments account

  Options:
  A) shipping and aviation
  B) exports and imports
  C) merchandise
  D) Bullion
  Show Answer
  The correct answer is A .
• Question 1539: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .
• Question 1540: One of the characteristics of an imperfect market is the? Options:
  A) large number of buyers and sellers in the market
  B) awareness of market conditions by buyers
  C) availability of substitutes
  D) heterogenetity of products
  Show Answer
  The correct answer is D .