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 1321: If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out? Options:
  A) N9,000
  B) N3,330
  C) N2,770
  D) N2,100
  Show Answer
  The correct answer is D .
• Question 1322: If the Central Bank of Nigeria reduces the bank rate, this will cause Options:
  A) money supply to increase
  B) commercial banks to reduce lending
  C) commercial banks to merge
  D) money supply to reduce
  Show Answer
  The correct answer is A .
• Question 1323:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
  Show Answer
  The correct answer is C .
• Question 1324:

  The effects on the demand for product A caused by a change in the price of product B is Called____________

  Options:
  A) Joint demand
  B) cross-elasticity of demand
  C) elasticity of supply
  D) competitive demand
  Show Answer
  The correct answer is A .
• Question 1325: The type of inflation that emanates from excess demand overs supply is___________? Options:
  A) Galloping inflation
  B) Imported inflation
  C) Demand-pull inflation
  D) Cost-push inflation
  Show Answer
  The correct answer is C .
• Question 1326:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 1327: One of the factors that determine the supply of agricultural produce in Nigeria is Options:
  A) Price of substitutes
  B) Technological development
  C) Consumers choice
  D) Consumers income
  Show Answer
  The correct answer is D .
• Question 1328:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 1329: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 1330: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .