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 1611:

  Effective demand for a commodity is desire for that commodity backed by_______

  Options:
  A) a wish for the lowest possible price
  B) ability and willingness to pay
  C) cash in one's pocket
  D) a promise to make payment
  Show Answer
  The correct answer is B .
• Question 1612: Commercial banks can create money in the following ways? Options:
  A) by using coins and paper money
  B) by borrowing money from banks abroad
  C) by receiving deposit from individuals
  D) by printing money on the instruction of the central bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1613: An advantage of large-scale farming over peasant farming is in the area of Options:
  A) providing research and massive employment of labour
  B) redistributing national income to various regions of the country
  C) encouraging the use of traditional implements
  D) encouraging urban-rural migration
  Show Answer
  The correct answer is A .
• Question 1614:

  When a nation's exports are greater than its imports,_________

  Options:
  A) The net foreign trade is zero
  B) A favourable balance of trade exists
  C) A favourable balance of payment exists
  D) An unfavourable balance of trade exists
  Show Answer
  The correct answer is B .
• Question 1615:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 1616:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .
• Question 1617:

  Which one of the following measures the natural growth rate of population?

  Options:
  A) Natural increase - Birth rate + Net migration
  B) Birth rate - Death rate
  C) Birth rate/Death rate
  D) Birth + Net migration = Death
  Show Answer
  The correct answer is B .
• Question 1618: 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 1619:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 1620: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .