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 121:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 122:

  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 123: Which of the following will NOT bring about an increase in Labour force? Options:
  A) Better medical services
  B) Decrease in death rate
  C) Emigration
  D) Immigration
  E) Increase in birth rate
  Show Answer
  The correct answer is C .
• Question 124: Which of the following is NOT a visible item on international trade payment? Options:
  A) Payment for imported cars
  B) Receipt from cocoa exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payment for petroleum imports
  Show Answer
  The correct answer is C .
• Question 125:

  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 126: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 127:

  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 128: Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks? Options:
  A) Open market operation
  B) Reserve requirements
  C) Bank rate
  D) Directives
  E) Special deposits
  Show Answer
  The correct answer is B .
• Question 129: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
  Show Answer
  The correct answer is C .
• Question 130: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .