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 1161: Localization of industry is encouraged because of Options:
  A) Low interest charges on loans
  B) High standard of living
  C) Low foreign exchange rate
  D) Improvements in infrastructure
  Show Answer
  The correct answer is D .
• Question 1162: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .
• Question 1163:

  Full employment is a situation in which _______

  Options:
  A) Every adult is employed.
  B) Only the disable are not employed.
  C) All adults who can work are employed.
  D) All those who are able and eligible can find employment
  Show Answer
  The correct answer is D .
• Question 1164: Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas? Options:
  A) The deregulation of the banking system
  B) The increase in the number of merchant banks
  C) The community banking scheme
  D) The deregulation of interest rate
  Show Answer
  The correct answer is C .
• Question 1165: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 1166: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 1167:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .
• Question 1168: Taxes which are levied on a person’s expenditures are known as? Options:
  A) Purchase tax
  B) Sales tax
  C) Direct tax
  D) Poll tax
  E) Income tax
  Show Answer
  The correct answer is A .
• Question 1169: If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? Options:
  A) fall in both quantity of demand and total revenue
  B) fall in the quantity demanded and rise in total revenue
  C) fall in the quantity demanded and rise in marginal revenue
  D) rise in both the quantity demanded and the marginal revenue
  Show Answer
  The correct answer is A .
• Question 1170: The necessity of choice is due to the fact that? Options:
  A) human wants are insatiable
  B) consumers like to maximize satisfaction
  C) resources are abundant
  D) consumers are selective
  Show Answer
  The correct answer is A .