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 11: The effect of emigration on a country's population, all other things remaining equal, is to Options:
  A) increase its size
  B) cause overpopulation
  C) increase its growth rate
  D) reduce the proportion of children
  E) reduce its size
  Show Answer
  The correct answer is E .
• Question 12: The country will be over populated when Options:
  A) the rate of birth is high
  B) the death rate is low
  C) the growth rate is high
  D) population is increasing more than resources in the country
  E) unemployement is high in the country
  Show Answer
  The correct answer is D .
• Question 13:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 14: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 15:

  

  What is the equilibrium quantity?

  Options:
  A) 50
  B) 250
  C) 350
  D) 450
  Show Answer
  The correct answer is B .
• Question 16: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 17: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 18: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .
• Question 19:

  The labour force of a country is determined by the___________

  Options:
  A) geographical distribution of the population
  B) age structure of the population
  C) number of people available for work
  D) sex distribution of the population
  Show Answer
  The correct answer is B .
• Question 20: The term balance oftrade, can be defined as the? Options:
  A) relation between value of exports and value of imports over a given period of time
  B) balance owed to the rest of the world in payment for imports
  C) price paid for imports in term of exports
  D) relation between payments of all kind made by a country to the rest of the world, over a given period of time
  Show Answer
  The correct answer is A .