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 51: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
  Show Answer
  The correct answer is C .
• Question 52:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 53: Which of the following is likely to hinder labour mobility in Nigeria? Options:
  A) Higher wages elsewhere
  B) Cultural similarities
  C) Good accommodation elsewhere
  D) Ignorance of job opportunities elsewhere
  Show Answer
  The correct answer is B .
• Question 54: The middlemen in the chain of distribution are? Options:
  A) manufacturers and consumers
  B) wholesalers and retailers
  C) consumers and wholesalers
  D) retailers and consumers
  Show Answer
  The correct answer is B .
• Question 55: If the price of a commodity is fixed below equilibrium, this will lead to Options:
  A) excess demand
  B) a decrease in price
  C) an increase in price
  D) excess supply
  Show Answer
  The correct answer is A .
• Question 56:

  The "velocity" of money is

  Options:
  A) The real money supply divided by the real GDP
  B) The money supply multiplied by the price level
  C) The money supply divided by the price level
  D) The ratio of real GDP to the real money supply
  Show Answer
  The correct answer is D .
• Question 57: The Gross Domestic Product is defined as the total value of? Options:
  A) all final goods and services produced in a country during the year
  B) all assets of a country in a particular year
  C) exports net of total value of imports
  D) all receipts
  Show Answer
  The correct answer is A .
• Question 58: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
  Show Answer
  The correct answer is B .
• Question 59: In national income accounting, NNP is derived by subtracting from the GNP? Options:
  A) transfer payments
  B) indirect taxes
  C) allowance for wastage
  D) capital consumption
  Show Answer
  The correct answer is D .
• Question 60: A company is said to be highly geared if the? Options:
  A) value of fixed interest loans is high compared with share capital
  B) Value of shared capital is high compared with fixed interest loans
  C) dividend rate is high
  D) interest rate is high
  Show Answer
  The correct answer is A .