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 1521: Which one of the following functions of banks in Nigeria is reserved to the Central Bank? Options:
  A) Accepting deposits
  B) Serving as agents for payments
  C) Issuing bank-notes
  D) Lending to customers
  E) Purchasing and selling of stock exchange securities
  Show Answer
  The correct answer is C .
• Question 1522:

  A price floor is usually fixed

  Options:
  A) at the equilibrium and causes no shortage
  B) above the equilibrium and causes shortage
  C) below the equilibrium and causes surpluses
  D) above the equilibrium and causes surpluses
  Show Answer
  The correct answer is D .
• Question 1523:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1524: Tc/Q = Options:
  A) marginal cost
  B) Average coat
  C) total cost
  D) equilibrium level
  Show Answer
  The correct answer is B .
• Question 1525: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 1526: The labour force of a country is determined by the Options:
  A) age structure of the population
  B) geographical distribution of the population
  C) sex distribution of the population
  D) number of people available for work
  Show Answer
  The correct answer is A .
• Question 1527:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 1528:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 1529: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1530:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .