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 1211: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 1212:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1213:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1214:

  The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

  Options:
  A) Volume of trade between countries
  B) direction of international trade
  C) commodity terms of trade
  D) volume of imports
  Show Answer
  The correct answer is C .
• Question 1215:

  

  The percentage of working population in 2002 is

  Options:
  A) 50%
  B) 25%
  C) 8%
  D) 80%
  Show Answer
  The correct answer is D .
• Question 1216:

  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 1217: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .
• Question 1218:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .
• Question 1219: If real income increases while nominal income remains the same, it can be inferred that Options:
  A) Unemployment rate has decreased
  B) General prices has fallen
  C) Employment rate has risen
  D) General prices have risen
  Show Answer
  The correct answer is B .
• Question 1220: Public expenditure creates expansionary effects in the economy when it is Options:
  A) in excess of government revenue
  B) channelled into capital products
  C) diverted into imports
  D) financed through part of the year's total collection of taxes
  Show Answer
  The correct answer is B .