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:

  What happens when the central bank increases the bank rate in an economy

  Options:
  A) borrowing is discouraged
  B) customers increase their borrowing
  C) banks can increase their lending
  D) money supply increases
  Show Answer
  The correct answer is A .
• Question 1542: The residual of production which accrues to the owner of land after all other expenses have been met is called? Options:
  A) wages
  B) rent
  C) interest
  D) profit
  Show Answer
  The correct answer is B .
• Question 1543:

  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 1544: The privatization exercise in Nigeria is a move towards a Options:
  A) mixed economy
  B) subsistence economy
  C) market economy
  D) command economy
  Show Answer
  The correct answer is C .
• Question 1545: In computing national income, transfers are excluded because Options:
  A) they are received only by the poor
  B) the figures reduce the size of national income
  C) it is difficult to get the exact figures
  D) they are not payments for productive activities
  Show Answer
  The correct answer is D .
• Question 1546:

  In a free market economy. the rationing of scarce goods is done principally by_______

  Options:
  A) Consumers
  B) The government
  C) The price mechanism
  D) All of the above
  Show Answer
  The correct answer is A .
• Question 1547: Disposable income is total income Options:
  A) less tax
  B) divided by tax
  C) plus tax
  D) multiplied by tax
  Show Answer
  The correct answer is A .
• Question 1548: The labour force in Nigeria falls between the ages of Options:
  A) 18 and 45
  B) 18 and 55
  C) 18 and 30
  D) 18 and 60
  Show Answer
  The correct answer is D .
• Question 1549:

  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 1550: If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the? Options:
  A) marginal revenue of the enterprise
  B) marginal revenue product of labour in the enterprise
  C) average revenue of the enterprise
  D) marginal cost of production
  Show Answer
  The correct answer is B .