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 951: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 952: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .
• Question 953: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 954:

  Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200

  Options:
  A) 2000
  B) 100
  C) 1500
  D) 1400
  Show Answer
  The correct answer is D .
• Question 955: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .
• Question 956:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 957: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 958: Gains from trade depends on? Options:
  A) comparative advantage
  B) absolute advantage
  C) distributive cost advantage
  D) absolute cost advantage
  Show Answer
  The correct answer is A .
• Question 959: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 960: Which of the following is not true of the theory of optimum population? Options:
  A) It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
  B) The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
  C) The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
  D) The test for over-population is whether it exceed the optimum
  E) It is possible for a thinly populated country to be over populated if it has a poor supply of other factor
  Show Answer
  The correct answer is B .