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 861: The purpose of conducting a census is to enable a country to Options:
  A) plan her capital inflow and outflow
  B) determine the optimum level of population
  C) determine the growth rate of population
  D) plan her growth and development
  Show Answer
  The correct answer is D .
• Question 862: What is the growth rate of employment? Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 5.7%
  E) 4.1%
  Show Answer
  The correct answer is A .
• Question 863: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 864: An advantage of electronic banking is that it Options:
  A) Enables many customers to operate joint accounts
  B) Reduces risk of bank fraud
  C) Enables a customer to operate many accounts from different locations
  D) Enables a customer to operate his account from different locations
  Show Answer
  The correct answer is D .
• Question 865: The import-substitution strategy of industrialization is to encourage Options:
  A) domestic production
  B) large-scale production
  C) importation
  D) exportation
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  The correct answer is A .
• Question 866: The Malthusian theory of population has been rendered ineffective by Options:
  A) government policies
  B) natural disasters
  C) birth contorl measures
  D) technical progress
  Show Answer
  The correct answer is D .
• Question 867:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
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  The correct answer is A .
• Question 868:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 869: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 870: A fall in the marginal propensity to save will lead to? Options:
  A) a decrease in national income
  B) an increase in national income
  C) no change in national income
  D) an increase in disposable income
  Show Answer
  The correct answer is A .