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 1961: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
  Show Answer
  The correct answer is D .
• Question 1962:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 1963: One way of solving the problem of double counting is by Options:
  A) Value-added method
  B) Income method
  C) Output method
  D) Expenditure method
  Show Answer
  The correct answer is A .
• Question 1964:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 1965: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .
• Question 1966: An account from which allocations are made to the three tier of government in Nigeria is called the? Options:
  A) National Income Account
  B) Public Sector
  C) Federation account
  D) National Revenue Mobilization Account
  Show Answer
  The correct answer is C .
• Question 1967: A major feature of an underdeveloped economy is Options:
  A) excess capacity utilization
  B) low rate of population growth
  C) low level of standard of living
  D) low level of unemployment
  Show Answer
  The correct answer is C .
• Question 1968:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 1969: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 1970: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .