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 1381: Market is defined as? Options:
  A) one geographical location where people meet to buy and sell
  B) the demand and supply of goods and services
  C) a group of people whose sole interest is to make profit
  D) any organizational framework which links the buyers and sellers of a good and service
  Show Answer
  The correct answer is D .
• Question 1382: When workers have a union, the supply of labour is said to be Options:
  A) monopolistic
  B) oligopolistic
  C) monopsonistic
  D) competitive
  Show Answer
  The correct answer is A .
• Question 1383: The current industrial development strategy in Nigeria is aimed at encouraging Options:
  A) small-scale industries
  B) medim-scale industries
  C) small-and medium-scale industries
  D) medium-and large-scale industries
  Show Answer
  The correct answer is C .
• Question 1384: The survival of a partnership depends on Options:
  A) the managerial ability of the partners
  B) access to finance
  C) the goodwill of the partners
  D) political stability
  Show Answer
  The correct answer is A .
• Question 1385: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 1386: A major factor affecting the value of money is the? Options:
  A) price level
  B) banking habit
  C) transaction motive
  D) divisible nature of money
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  The correct answer is A .
• Question 1387: A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax. Options:
  A) direct
  B) indirect
  C) progressive
  D) proportional
  E) regressive
  Show Answer
  The correct answer is D .
• Question 1388: The largest liability appearing in the book of a commercial bank is Options:
  A) cash
  B) deposits
  C) loans and advances
  D) capital and reserves
  E) treasury bills
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  The correct answer is B .
• Question 1389: Commercial banks can create money in the following ways? Options:
  A) by using coins and paper money
  B) by borrowing money from banks abroad
  C) by receiving deposit from individuals
  D) by printing money on the instruction of the central bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1390: What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? Options:
  A) Deregulation
  B) import substitution
  C) Tariff reduction
  D) Backward integration
  Show Answer
  The correct answer is B .