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 1501: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1502:

  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 1503:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 1504:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1505:

  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 1506: Which of the following is NOT a function of marketing boards in Nigeria? Options:
  A) Fixing of prices for farm produce
  B) Grading of farm produce
  C) Importation of farm produce
  D) Marketing of farm produce
  E) Price stabilization
  Show Answer
  The correct answer is C .
• Question 1507: The technical relationship between input combination and maximum attainable output is called Options:
  A) a production function
  B) an indifference curve
  C) an isocost
  D) an isoquant
  Show Answer
  The correct answer is A .
• Question 1508: In international trade, shipping and other freight charges are treated as? Options:
  A) invisible items
  B) unilateral transfers
  C) capital transactions
  D) autonomous capital transactions
  Show Answer
  The correct answer is A .
• Question 1509: Idle cash balances are held for Options:
  A) planned purchases
  B) the purchase of bonds
  C) the purchase of shares
  D) unplanned purchases
  Show Answer
  The correct answer is D .
• Question 1510: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .