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 1431:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1432:

  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 1433:

  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 1434:

  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 1435: The equation MV PT is known as Options:
  A) demand and supply equation
  B) equilibrium equation
  C) equation of exchange
  D) money supply equation
  E) price index numbers
  Show Answer
  The correct answer is D .
• Question 1436: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 1437: The main reason for low agricultural produce in west Africa is need to Options:
  A) the presence of large-scale agro-allied industries
  B) high dependency ratio
  C) over dependence on agriculture for subsistence
  D) the use of crude implements in farming process
  Show Answer
  The correct answer is D .
• Question 1438: when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following Options:
  A) a fall in income
  B) a rise in the price of a complement
  C) a fall in the price of substitute
  D) a change in taste against this commodity
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1439: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 1440:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .