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 171:

  

  What is the population growth rate in 2003?

  Options:
  A) 33.3%
  B) 20.0%
  C) 11.0%
  D) 50%
  Show Answer
  The correct answer is D .
• Question 172: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .
• Question 173:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 174:

  Taxes and government expenditures are instruments of____________

   

   

  Options:
  A) Monetary policy
  B) Tax policy
  C) Economic policy
  D) Fiscal policy
  Show Answer
  The correct answer is D .
• Question 175: If there is an increase in demand without a corresponding increase in supply, there will be a Options:
  A) rise in price
  B) shift in demand curve to the left
  C) fall in price
  D) shift in supply curve to the right
  Show Answer
  The correct answer is A .
• Question 176: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 177: If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the? Options:
  A) marginal revenue of the enterprise
  B) marginal revenue product of labour in the enterprise
  C) average revenue of the enterprise
  D) marginal cost of production
  Show Answer
  The correct answer is B .
• Question 178: By using exchange controls, a country tries to eliminate a balance of payments deficit by? Options:
  A) limiting her imports to its currency value of exports
  B) reducing the nation's domestic price level
  C) limiting her exports to its currency value of imports
  D) overvaluing the country's currency
  Show Answer
  The correct answer is A .
• Question 179: Which of thefollowing items is NOT an argument for locating industries in rural areas? Options:
  A) Rural areas supply agricultural raw material
  B) The pace of development will be quickened in rural areas
  C) Employment will be provided for rural inhabitants
  D) Capital is easily available in rural areas
  E) Suitable humid climate is sometimes found in rural areas
  Show Answer
  The correct answer is D .
• Question 180: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
  Show Answer
  The correct answer is D .