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 421: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .
• Question 422: Which of the following budgets will increase government expenditure? Options:
  A) zero base budget
  B) surplus budget
  C) deficit budget
  D) balanced policy
  Show Answer
  The correct answer is C .
• Question 423: The producer in a perfectly competitive market is faced with a demand curve whose elasticity is? Options:
  A) unitary
  B) greater than one
  C) infinite
  D) less than one
  Show Answer
  The correct answer is C .
• Question 424: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 425: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .
• Question 426: All the following are types of specialization except Options:
  A) Manager Specialization
  B) Product specialization
  C) Specialization by sex
  D) Geographical specialization
  Show Answer
  The correct answer is A .
• Question 427: If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves? Options:
  A) N2000
  B) N18 000
  C) N12 000
  D) N8 000
  Show Answer
  The correct answer is D .
• Question 428:

  Adam Smith's Theory of value stated that the value of a commodity depended on________

  Options:
  A) The market price in a free market over a long period
  B) The over-all cost of production of the commodity
  C) The amount of labour expended on its production
  D) Its relative scarcity at any given time
  Show Answer
  The correct answer is C .
• Question 429: What is meant by labour supply? Options:
  A) Number of people in working population
  B) Number of men and hours they work
  C) Number of hours during which the middle aged persons work
  D) Number of workforce multiplied by the hours they work
  Show Answer
  The correct answer is A .
• Question 430: The residual of production which accrues to the owner of land after all other expenses have been met is called? Options:
  A) wages
  B) rent
  C) interest
  D) profit
  Show Answer
  The correct answer is B .