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 1111: Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00? Options:
  A) N100.00
  B) N1,000.00
  C) N9,000.00
  D) N10,000.00
  Show Answer
  The correct answer is D .
• Question 1112: The migration of young people from rural to urban areas in Nigeria should help to raise the? Options:
  A) standard of living in the urban areas
  B) total productivity of labour in the rural areas
  C) marginal productivity of labour in the rural areas
  D) marginal productivity of labour in the urban areas
  Show Answer
  The correct answer is D .
• Question 1113:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 1114:

  The shape of the production possibility frontier is determined by the_________

  Options:
  A) law of returns to scale
  B) law of diminishing returns
  C) factors of productions
  D) technology
  Show Answer
  The correct answer is B .
• Question 1115:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1116: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 1117: A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after? Options:
  A) 6 months
  B) 9 mnths
  C) 2 years
  D) 5 years
  E) 10 or more years
  Show Answer
  The correct answer is E .
• Question 1118:

  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 1119: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .
• Question 1120: The quickest way of achieving an economic union on regional basis is to remove all? Options:
  A) currency barriers
  B) language barriers
  C) politcal barriers
  D) customs barriers
  E) legal barriers
  Show Answer
  The correct answer is D .