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 1091:

  A fiscal policy instrument that can influence the demand pattern in an economy is

  Options:
  A) government spending
  B) interest rate
  C) income tax
  D) tariff
  Show Answer
  The correct answer is C .
• Question 1092: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 1093: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 1094:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1095: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
  Show Answer
  The correct answer is B .
• Question 1096:

  Which of the following is an example of aninvisibleitem on the balance of payments account

  Options:
  A) shipping and aviation
  B) exports and imports
  C) merchandise
  D) Bullion
  Show Answer
  The correct answer is A .
• Question 1097: Central bank of Nigerian started operation Options:
  A) 1958
  B) 1959
  C) 1960
  D) 1963
  E) 1973
  Show Answer
  The correct answer is B .
• Question 1098: A commercial bank is able to create money Options:
  A) by printing it
  B) by maintaining reserve
  C) by creating a demand deposit as it gives a new loan
  D) by issuing cheques to depositors
  E) by borrowing from the central bank
  Show Answer
  The correct answer is C .
• Question 1099:

  Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

  Options:
  A) 70
  B) 47
  C) 74
  D) 40
  Show Answer
  The correct answer is C .
• Question 1100:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .