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 1101: Which of the following methods is most likely to lead an economy? Options:
  A) An increase in wages and profits
  B) An increase in consumer demand
  C) A greater fraction of national Product going into investment
  D) A countinuous rise in bank loans
  Show Answer
  The correct answer is C .
• Question 1102: Insurance companies, pension and provident funds and unit trusts are all examples of Options:
  A) rural-based revenue mobilizers
  B) non-governmental organisations
  C) government financial agencies
  D) non-bank financial institutions
  Show Answer
  The correct answer is D .
• Question 1103:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 1104:

  The fundamental problem of economics is

  Options:
  A) Finding striking determinants between the forces of supply and demand
  B) The scarcity of productive resources relative to society's unlimited wants
  C) The establishment of a political framework to determine the what, how and for whom of production
  D) To establish an equitable distribution of income
  Show Answer
  The correct answer is B .
• Question 1105:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 1106: Frictional unemployment? Options:
  A) is total unemployment minus structural unemployment
  B) occurs when the unemployed are persons with specific training
  C) occurs when the number of job seekers exceeds the number of vacancies
  D) occurs when people are changing jobs
  Show Answer
  The correct answer is D .
• Question 1107: The demand for factors of production is said to be Options:
  A) competitive
  B) complementary
  C) composite
  D) derived
  E) joint
  Show Answer
  The correct answer is D .
• Question 1108: The land tenure system in Nigeria impedes agricultural production because? Options:
  A) land fragmentation makes possible easy access to land ownership
  B) it discourages specialization of factors of production
  C) it limits opportunity for mass production of agricultral goods
  D) small land holders generally do not get enough fertilizer to use
  Show Answer
  The correct answer is C .
• Question 1109: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 1110: 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 .