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 1391: Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because? Options:
  A) it would allowed for more money to be spent on luxuries
  B) the interest rate on the loan will increase
  C) it would decrease the demand for Nigeria's exports
  D) it would worsen Nigeria foreign exchange situation
  E) Nigerias oil would sell less in the world market
  Show Answer
  The correct answer is D .
• Question 1392: The non-bank financial institutions that are entrusted with workers contributions towards retirements are Options:
  A) Mortgage institutions
  B) Investment companies
  C) Pension funds custodians
  D) Pension funds administrators
  Show Answer
  The correct answer is C .
• Question 1393: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1394: Specialization often improves economic performance because it? Options:
  A) permits exploitation of economies of scale
  B) incorporates external economies
  C) is based on the law of variable proportions
  D) allocates resources according to absolute advantage
  Show Answer
  The correct answer is D .
• Question 1395: Division of labour has many advantages . Not withstanding, it is greatly limited by? Options:
  A) monotony of work
  B) decline of craftmanship
  C) risk of unemployment
  D) extent of market demand
  E) boredom
  Show Answer
  The correct answer is C .
• Question 1396: To facilitate the exportation of crude oil from Nigeria, special? Options:
  A) airstrips were constructed for jets to evacute the oil
  B) roads were built to connect the major oil wells to the ports
  C) pipelines were laid to connect the major oil wellsto the ports
  D) railway lines were constructed to connect the major oil wells to the ports
  Show Answer
  The correct answer is C .
• Question 1397: If total Income is N15m and total consumption Is N3m. then the average propensity to consume is Options:
  A) 0.2
  B) 0.6
  C) 0.7
  D) 5
  E) 10
  Show Answer
  The correct answer is A .
• Question 1398: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 1399: The best way to reduce the supply of money in the economy is to? Options:
  A) increase the liquidity ratio
  B) increase the number of bank-notes and cheques produced
  C) decrease treasury bills
  D) liberalize access to credit
  Show Answer
  The correct answer is A .
• Question 1400: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .