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: Excess demand inflation can be controlled through? Options:
  A) contractionary fiscal policy
  B) contractionary trade policy
  C) expansionary fiscal policy
  D) expansionary monetary policy
  Show Answer
  The correct answer is A .
• Question 1162: If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________? Options:
  A) Nigeria produces cocoa more cheaply than Ghana
  B) Nigeria and Ghana produce at the same level
  C) Ghana produces cocoa more than Nigeria
  D) Nigeria produces more cocoa than Ghana
  Show Answer
  The correct answer is D .
• Question 1163: A company is said to be highly geared if the? Options:
  A) value of fixed interest loans is high compared with share capital
  B) Value of shared capital is high compared with fixed interest loans
  C) dividend rate is high
  D) interest rate is high
  Show Answer
  The correct answer is A .
• Question 1164: The primary problem of Economics is? Options:
  A) to obtain a more equitable distribution of money income
  B) the scarcity of productive resources relative to material needs
  C) how to reach prices which correctly depict that products and resources are not in abundance
  D) to teach people how to save so as to make more money
  Show Answer
  The correct answer is B .
• Question 1165: A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that? Options:
  A) both price and quantity will increased
  B) only price increases
  C) only quantity increases
  D) the price remains constant
  E) the price falls
  Show Answer
  The correct answer is A .
• Question 1166:

  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 1167: Using functional relationship in economics QX = f (px, po, y, T); po stand for Options:
  A) level of income of the consumer
  B) price of x
  C) price of other commodities
  D) production function of x
  E) price index
  Show Answer
  The correct answer is C .
• Question 1168:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1169: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 1170:

  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 .