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 1071: The population of a country will decrease if Options:
  A) the death rate exceeds the birth rate
  B) immigration is equal to emigration
  C) the birth rate exceeds the death rate
  D) there is rapid economic growth
  Show Answer
  The correct answer is A .
• Question 1072: A limited liability company is owned by? Options:
  A) an individual
  B) two or more partners
  C) shareholders
  D) government
  E) a bank
  Show Answer
  The correct answer is C .
• Question 1073:

  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 .
• Question 1074: Banks can create more money by? Options:
  A) increasing its cash ratio with the Central Bank
  B) issuing more banks cheques
  C) accepting more deposits from customers
  D) lending out money from customers deposits
  Show Answer
  The correct answer is D .
• Question 1075: In order to reduce hardship faced by consumers due to high prices government can introduce Options:
  A) maximum prices
  B) commodity boards
  C) minimum prices
  D) price control boards
  Show Answer
  The correct answer is A .
• Question 1076:

  Among all the determinants of economic growth, the most important one is

  Options:
  A) Human capital
  B) Increased GDP
  C) Land and Natural resources
  D) Technologies
  Show Answer
  The correct answer is B .
• Question 1077:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1078:

  Averages cost (AC) equal to

  Options:
  A) AC_TC
  B) TC_AC
  C) TC_AVC
  D) TC_MC
  E) TC_Q
  Show Answer
  The correct answer is D .
• Question 1079: Which of the following will NOT bring about an increase in Labour force? Options:
  A) Better medical services
  B) Decrease in death rate
  C) Emigration
  D) Immigration
  E) Increase in birth rate
  Show Answer
  The correct answer is C .
• Question 1080:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .