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 551:

  

  In the diagram, (I) refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .
• Question 552: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 553: Which of the following factors is NOT responsible for the rural/urban drift in Nigeria? Options:
  A) The infrastructural facilities in cities
  B) Declining fertility of rural farmlands
  C) Rural electrification programme
  D) Higher living standards in urban areas
  Show Answer
  The correct answer is C .
• Question 554: The stock exchange market is where? Options:
  A) businessmen borrow some capital
  B) the federal government trades on treasury bills
  C) existing bonds and stocks are traded
  D) new stocks and shares are bought or sold
  Show Answer
  The correct answer is C .
• Question 555: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 556: For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is Options:
  A) equal to marginal cost
  B) greater than marginal cost
  C) greater than average total cost
  D) equal to marginal revenue
  E) equal to toal revenue
  Show Answer
  The correct answer is B .
• Question 557:

  Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?

  Options:
  A) Marginal propensity to save has fallen
  B) Actual investment had fallen
  C) Average propensity to invest has fallen
  D) Actual saving has fallen
  Show Answer
  The correct answer is A .
• Question 558:

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

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 559:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 560: Liquidation of limited liability company implies that the? Options:
  A) company may not pay its debt
  B) debts of the company can only be paid from its own assets
  C) debts of the company are paid from both business and private funds of the owners
  D) debts of the company musts be paid from public funds only
  Show Answer
  The correct answer is B .