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 1401: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .
• Question 1402: Production takes place when Options:
  A) output is transformed into input
  B) machines replace human effort
  C) input is transformed into output
  D) there is specialization and division of labour
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  The correct answer is C .
• Question 1403: One of the functions of the commercial banks is that it is? Options:
  A) responsible for monetary policy
  B) responsible for issuing currency notes
  C) the lender of last resort
  D) the banker of the government
  E) a banker of demand and time deposits of customers
  Show Answer
  The correct answer is E .
• Question 1404: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 1405: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 1406: In a capitalist economy, the economic problem of what goods to produce is decided mainly by? Options:
  A) shadow prices
  B) profit level
  C) relative prices
  D) a central planner
  Show Answer
  The correct answer is B .
• Question 1407: One of the characteristics of an imperfect market is the? Options:
  A) large number of buyers and sellers in the market
  B) awareness of market conditions by buyers
  C) availability of substitutes
  D) heterogenetity of products
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  The correct answer is D .
• Question 1408:

  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 1409:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1410: The term 'Stock of Capital 'means? Options:
  A) amount of money necessary to start a business
  B) total amount receivable by all factors of production
  C) amount of equipment plant and inventory existing at a time
  D) total amount available for economic development
  Show Answer
  The correct answer is C .