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 1441:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 1442: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
  Show Answer
  The correct answer is B .
• Question 1443: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 1444:

  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 1445:

  An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

  Options:
  A) monetary policy
  B) fiscal policy
  C) credit ceiling
  D) open market operation
  Show Answer
  The correct answer is C .
• Question 1446: The labour force of a country can be determined by examining the Options:
  A) age structure of the population
  B) sex distribution of the population
  C) geographical distribution of the population
  D) occupational distribution of the population
  Show Answer
  The correct answer is A .
• Question 1447: The following measures used to check deflation EXCEPT Options:
  A) deficit financing
  B) improving distribution system
  C) increasing wages and salaries
  D) raising the bank rate
  E) reducing taxation
  Show Answer
  The correct answer is D .
• Question 1448: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is A .
• Question 1449: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 1450:

  

  In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

  Options:
  A) wholly by the supplier
  B) wholly by the consumer
  C) partly by the supplier and partly by the consumer
  D) wholly by the middlemen
  E) partly by stockholder and partly by consumer
  Show Answer
  The correct answer is B .