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 1481: Which of the following is a function of the central bank? Options:
  A) Accepting deposits from the public
  B) Agent of payment for individuals
  C) Discounting bills of exchange
  D) Issuing of currency
  E) Provision of short term housing loans
  Show Answer
  The correct answer is D .
• Question 1482:

  The study of Economics becomes necessary because of the______________

  Options:
  A) Large population size of the world
  B) Scarcity of resources
  C) Opportunity cost of goods and services
  D) Need to satisfy every desire of man
  Show Answer
  The correct answer is B .
• Question 1483: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 1484: Excess supply over demand will place a price advantage on _____ Options:
  A) government
  B) foreign investors
  C) suppliers
  D) consumers
  Show Answer
  The correct answer is D .
• Question 1485: Which is the dominant form of tax in Nigeria Options:
  A) Direct tax
  B) Indirect tax
  C) Inheritance tax
  D) Personal income tax
  E) Value added tax
  Show Answer
  The correct answer is A .
• Question 1486: A major obstacle to economic development is? Options:
  A) a rise in industrial output
  B) low farm productivity
  C) free trade
  D) ineffective trade unions
  Show Answer
  The correct answer is B .
• Question 1487:

  The term M ${}^3$ comprises M ${}^1$ together with deposits on deposit account held by_______

  Options:
  A) banks only
  B) discount houses only
  C) banks and discount houses
  D) banks, discount houses and stock, exchanges
  Show Answer
  The correct answer is C .
• Question 1488: An emerging agricultural export crop in Nigeria is Options:
  A) cassava
  B) cotton
  C) cocoa
  D) soya beans
  Show Answer
  The correct answer is C .
• Question 1489: Indirect taxes are taxes? Options:
  A) which are levied on the incomes and profits of individuals and firms
  B) whose incidence always falls on the consumer
  C) which are based on the progressive principle
  D) on casinos, airports and capitals gains
  E) which are levied on people and economic units through the goods and services they purchase
  Show Answer
  The correct answer is E .
• Question 1490: Production is said to be complete when goods and services gets to the Options:
  A) consumers
  B) distributors
  C) retailers
  D) warehouses
  E) wholesalers
  Show Answer
  The correct answer is A .