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 1: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 2:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .
• Question 3: Which of the following is used by the Central Bank of Nigeria to control inflation? Options:
  A) Tariff on imports
  B) Tax rate
  C) Exchange rate
  D) Discount rate
  Show Answer
  The correct answer is D .
• Question 4: Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to? Options:
  A) 10.20
  B) 3.57
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is C .
• Question 5: 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 6: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .
• Question 7: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 8: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 9:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .
• Question 10: The high rate of inflation in Nigeria can be attributed to Options:
  A) increasing cost of production
  B) the appreciation of the naira
  C) decreasing cost of production
  D) high capacity utilization
  Show Answer
  The correct answer is A .