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 1971: The labour force of a country can be determined by examining the Options:
  A) age structure of the population
  B) sex distribution of the population
  C) geographical distribution of the population
  D) occupational distribution of the population
  Show Answer
  The correct answer is A .
• Question 1972:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 1973: In capitalist economies, questions about what to produce are ultimately answered by Options:
  A) income level of households
  B) available technical skills in the economy
  C) output decisions of firms
  D) holding decision of households
  Show Answer
  The correct answer is C .
• Question 1974: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 1975:

  The number of people who are qualified to work and who offered themselves for employment are called

  Options:
  A) mobility of labour
  B) working population
  C) migrant labour
  D) labour turnover
  Show Answer
  The correct answer is B .
• Question 1976:

  One of the techniques of monetary control used by the central bank of Nigeria is

  Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1977: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 1978:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 1979:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 1980: The borrowing rights of a member country of the international Monetary Fund are determined by? Options:
  A) the seriousness of the country's economic problems
  B) its balance of payments position
  C) its quota to the fund
  D) the size of gold reserve
  Show Answer
  The correct answer is C .