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 2091: The Malthusian theory was concerned about the relationship between Options:
  A) population growth rates of the rich and the poor nations
  B) population density and national income
  C) population growth rate and natural resources
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 2092:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 2093: The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that? Options:
  A) there is a Government ban on the importation of beer
  B) beer distributors want more profit
  C) Nigeria is a large country
  D) middlemen hoard beer
  E) the demand for beer exceeds the supply
  Show Answer
  The correct answer is E .
• Question 2094: One of the functions money is that, it helps? Options:
  A) detect frauds in matters of exchange
  B) postponed payments without loss of count
  C) store information about the valuation of an item
  D) record information about the valuation of an item
  Show Answer
  The correct answer is C .
• Question 2095: The major determinant of the total volume of output in an economy is the Options:
  A) level of total expenditure
  B) composition of consumer spending
  C) number of farmers
  D) size of the labour force
  Show Answer
  The correct answer is A .
• Question 2096:

  Which of the following is used by the central bank to control the rate of interest

  Options:
  A) bill of exchange
  B) banker's order
  C) fixed deposit account
  D) open market operation
  Show Answer
  The correct answer is D .
• Question 2097: One of the characteristics of a monopolist is that, he can influence Options:
  A) quantity produced by other producers
  B) prices charged by other producers
  C) both price and quantity
  D) price or quantity
  Show Answer
  The correct answer is C .
• Question 2098: Which of the following is not an asset of a commercial bank? Options:
  A) cash
  B) money at call
  C) treasury bills
  D) reserve funds
  E) loans and over-draft
  Show Answer
  The correct answer is B .
• Question 2099: The output approach to measuring national income is based on the computation of Options:
  A) final output
  B) factor cost
  C) value added
  D) profits earned
  Show Answer
  The correct answer is C .
• Question 2100:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .