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:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1102: In the long-run, a monopolist maximized his profit when the marginal cost equals? Options:
  A) total revenue
  B) marginal revenue
  C) average revenue
  D) price
  Show Answer
  The correct answer is D .
• Question 1103: In Nigeria, most agricultural policies are aimed at______? Options:
  A) Ensuring equitable distribution of income
  B) Liberalizing all sectors of the nation's economy
  C) Encouraging the development of manufacturing sector
  D) Achieving self-sufficiency in food production
  Show Answer
  The correct answer is D .
• Question 1104: To which of the following sectors do services belong? Options:
  A) Primary
  B) Secondary
  C) Tertiary
  D) Construction
  Show Answer
  The correct answer is C .
• Question 1105:

  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 .
• Question 1106:

  Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

  Options:
  A) Deflation
  B) Reinflation
  C) Disinflation
  D) Inflationary gap
  Show Answer
  The correct answer is D .
• Question 1107:

  What happens when the central bank increases the bank rate in an economy

  Options:
  A) borrowing is discouraged
  B) customers increase their borrowing
  C) banks can increase their lending
  D) money supply increases
  Show Answer
  The correct answer is A .
• Question 1108: To perform its function as a store of wealth and standard for deferred payment, money must be Options:
  A) portable
  B) in attractive form
  C) stable in value
  D) spent more on capital goods than on consumer goods
  Show Answer
  The correct answer is C .
• Question 1109: which of the following measures can be used to control inflation? Options:
  A) decrease in bank rate
  B) Decrease in taxation
  C) deficit budget
  D) Export drive
  E) Increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 1110:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .