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 291: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
  Show Answer
  The correct answer is C .
• Question 292: Full employment is a situation in which? Options:
  A) every adult is employed
  B) all adults who can work are employed
  C) all person who attained the age of 15 and above are employed
  D) only the disabled are not employed
  E) all those who are able and eligible can find employment
  Show Answer
  The correct answer is E .
• Question 293:

  

  The flow labelled Y refers to

  Options:
  A) real income
  B) factor payment
  C) factor input
  D) national income
  Show Answer
  The correct answer is C .
• Question 294: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 295: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 296: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• Question 297: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 298:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  What is the ratio of expenditure of health to Agriculture?

  Options:
  A) 2:3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 299: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .
• Question 300: Wage freeze is a policy measure aimed at Options:
  A) encouraging investors
  B) curbing inflation
  C) regulating standard of living
  D) curbing deflation
  Show Answer
  The correct answer is B .