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 1301:

  ------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria

  Options:
  A) Poor performance of non-oil sector
  B) Export promotion
  C) No import substitution strategies
  D) High servicing of debt
  Show Answer
  The correct answer is B .
• Question 1302: The main function of price in the economic system is to? Options:
  A) allocate scarce resources among competing uses
  B) ensure equitable distribution of income and wealth
  C) determine the demand for and the supply of goods and services
  D) remove all the constraints on production of goods and services
  Show Answer
  The correct answer is A .
• Question 1303:

  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 1304: If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is? Options:
  A) C + I + X + M
  B) C + I +X - M
  C) C + I - X + M
  D) C + I + X
  Show Answer
  The correct answer is B .
• Question 1305: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 1306:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1307: Which of the following is not a function of the money market? Options:
  A) Provision of finance
  B) enhance loan savings
  C) creation of long term
  D) Provision of finance
  Show Answer
  The correct answer is C .
• Question 1308: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 1309: Division of labour requires that, the tasks in a production line be performed Options:
  A) by specialists
  B) in stages
  C) by all workers
  D) by unskilled labourers
  Show Answer
  The correct answer is B .
• Question 1310: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is A .