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 1471: One of the main achievements of the Economic Commission for Africa is Options:
  A) eliminating trade restrictions among states
  B) encouraging transport and communication development
  C) guaranteeing a steady flow of foreign investment into Africa
  D) providing the machinery for collaboration on monetary issues
  Show Answer
  The correct answer is A .
• Question 1472: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 1473:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 1474: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
  Show Answer
  The correct answer is B .
• Question 1475:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1476: Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20% Options:
  A) 700.00
  B) 600.00
  C) 500.00
  D) 400.00
  Show Answer
  The correct answer is C .
• Question 1477:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1478: When the demand for foreign exchange exceeds its supply, the value of the domestic currency Options:
  A) appreciates
  B) depreciates
  C) inflates
  D) expands
  Show Answer
  The correct answer is B .
• Question 1479: Data presented in tables are usually arranged in ………… and ………… Options:
  A) charts, tables
  B) , graphs, rows
  C) pictograms, columns
  D) rows, columns
  Show Answer
  The correct answer is D .
• Question 1480: The deregulation of the petroleum sector in Nigeria will bring about Options:
  A) efficiency in pricing and distribution of the products
  B) an end to the importation of fuel
  C) an end to foreign firms' dominance
  D) fixing appropriate production quotas
  Show Answer
  The correct answer is A .