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 1541:
  

  The diagram above represent

  Options:
  A) Supply curve
  B) Production possibility curve
  C) indifference curve
  D) Demand curve
  Show Answer
  The correct answer is B .
• Question 1542: 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 1543:

  Which of the following would not be a reason for a government to impose a quota on imports?

  Options:
  A) To support strategic industry
  B) To prevent dumping
  C) To decrease tax revenue
  D) Employment oppourtunity
  Show Answer
  The correct answer is C .
• Question 1544: 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 1545: Which is NOT a function of Central Bank in West Africa Options:
  A) Dealing in foreign exchange
  B) Issuing of currency
  C) Accepting deposit from private customers
  D) Acting as government bank
  E) Acting as bankers bank
  Show Answer
  The correct answer is C .
• Question 1546: Which of the following is used by the Central Bank of Nigeria to control inflation? Options:
  A) Tariff on imports
  B) Tax rate
  C) Exchange rate
  D) Discount rate
  Show Answer
  The correct answer is D .
• Question 1547:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 1548:

  Government uses all of the following ways to redistribute income, except

  Options:
  A) Market intervention
  B) Transfer earnings
  C) Limited liability
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 1549: A balance budget is defined as a condition of? Options:
  A) balance of payments equilibrium
  B) equality of planned aggregate demand supply
  C) equality of planned receipts and planned expenditure
  D) equality of planned exports and planned imports
  Show Answer
  The correct answer is C .
• Question 1550: A business organization set up for the mutual benefits of member with similar interest is known as Options:
  A) cooperative society
  B) partnership
  C) private limited company
  D) public corporation
  E) public limited company
  Show Answer
  The correct answer is A .