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 1531: An issue of bank-notes not backed by gold but by government securities is known as? Options:
  A) fiduciary isssue
  B) guaranteed money
  C) seignior age
  D) legal tender
  Show Answer
  The correct answer is A .
• Question 1532:

  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 1533: 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 1534: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 1535: The loading of crude oil at the terminal is an activity in the Options:
  A) downstream sector of the oil industry
  B) upstream and downstream sector of the oil industry
  C) upstream sector of the oil industry
  D) midstream and upstream sectors of the oil industry
  Show Answer
  The correct answer is A .
• Question 1536: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 1537: In the long-run, a monopolist maximized his profit when the marginal cost equals? Options:
  A) total revenue
  B) marginal revenue
  C) average revenue
  D) price
  Show Answer
  The correct answer is D .
• Question 1538:

  

  The graphs illustrate

  Options:
  A) joint demand
  B) derived demand
  C) composite demand
  D) competitive demand
  Show Answer
  The correct answer is D .
• Question 1539:

  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 1540:

  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 .