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 1721: The main source of government revenue in Nigeria is Options:
  A) import duties
  B) rents and royalties
  C) company income tax
  D) capital gains tax
  Show Answer
  The correct answer is A .
• Question 1722: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
  Show Answer
  The correct answer is A .
• Question 1723: A balance budget is defined as a condition of? Options:
  A) balance of payments equilibrium
  B) equality of planned aggregate demand supply
  C) equality of planned receipts and planned expenditure
  D) equality of planned exports and planned imports
  Show Answer
  The correct answer is C .
• Question 1724: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 1725: The major problem confronting a sole proprietor is Options:
  A) high level of risk
  B) limited expertise
  C) limited source of capital
  D) high taxation
  Show Answer
  The correct answer is C .
• Question 1726: In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of? Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 1727: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
  Show Answer
  The correct answer is A .
• Question 1728: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 1729: Which of the following is a set of measures of dispersion? Options:
  A) Mean and median
  B) Mean and standard deviation
  C) Range and variance
  D) Mode and mean
  Show Answer
  The correct answer is C .
• Question 1730: The migration of young people from rural to urban areas in Nigeria should help to raise the? Options:
  A) standard of living in the urban areas
  B) total productivity of labour in the rural areas
  C) marginal productivity of labour in the rural areas
  D) marginal productivity of labour in the urban areas
  Show Answer
  The correct answer is D .