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 1051: The Nigerian Trust Fund is managed on behalf of Nigeria by the? Options:
  A) World Bank
  B) International Monetary Fund
  C) African Development Bank
  D) Economic Commission for Africa
  Show Answer
  The correct answer is C .
• Question 1052: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .
• Question 1053: The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can Options:
  A) refuse to sell any quantity
  B) sell any quantity of output at the prevailing price
  C) sell fixed quantity of output at the prevailing market price
  D) sell less quantity
  E) sell more quantity at a higher price
  Show Answer
  The correct answer is B .
• Question 1054:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .
• Question 1055: Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introductionn of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 1056: Which of the following is NOT a reason for the absence of an industry in the rural areas? Options:
  A) Absence of financial institution
  B) restricted market
  C) inadequate power and water supply
  D) inadequate transportation
  E) presence of external economies
  Show Answer
  The correct answer is A .
• Question 1057: A society which forgoes present consumption Options:
  A) is forced to do so because of excessive consumption within the country in the past
  B) is devoting new resources to new capital formation
  C) is merely devoting resources to the replacement of capital
  D) expects to consume only that amount tomorow which was forgone today
  Show Answer
  The correct answer is B .
• Question 1058:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1059: In a given set of data, if the variance is 25, what is the standard deviation? Options:
  A) 45
  B) 5
  C) 55
  D) 10
  E) 12
  Show Answer
  The correct answer is B .
• Question 1060:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .