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:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 1472:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 1473: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
  Show Answer
  The correct answer is C .
• Question 1474: The petroleum industry in Nigeria is? Options:
  A) the sole source of the nation's revenue
  B) the oldest industry in the country
  C) the mainstay of the economy
  D) a factor in the decline in the nation's foreign reserves
  Show Answer
  The correct answer is D .
• Question 1475:

  Air is essential to life but commands no price!

  Diamond is not essential to life but commands a high?

  Options:
  A) thrift
  B) value
  C) abundance
  D) scarcity
  Show Answer
  The correct answer is B .
• Question 1476: Development plans fail in Nigeria mainly because of Options:
  A) Corruption and political instability
  B) Over-dependence on foreign aid
  C) High cost of plan implementation
  D) Shortage of personnel
  Show Answer
  The correct answer is A .
• Question 1477: Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be Options:
  A) The same as equilibrium supply
  B) Greater than equilibrium supply
  C) Less than the equilibrium supply
  D) Determined later by government
  E) None of these
  Show Answer
  The correct answer is C .
• Question 1478: Which of the following is inflationary? Options:
  A) An increase in taxation
  B) An increase in savings
  C) A decrease in money supply
  D) An increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 1479:

  A typical corporate form of business organization is owned by ______

  Options:
  A) Shareholders
  B) A local government
  C) The president of a country
  D) Foreigners and citizens of the country.
  Show Answer
  The correct answer is A .
• Question 1480: The savings deposit in a commercial bank is called Options:
  A) Capital
  B) Fund
  C) Near
  D) Money
  E) Call money
  Show Answer
  The correct answer is D .