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 1621: Economic growth takes place when there is an increase in Options:
  A) savings over time
  B) investment over time
  C) population over time
  D) output over time
  Show Answer
  The correct answer is D .
• Question 1622: Which financial institution is charged with the formulation of monetary polices in Nigeria? Options:
  A) The Central Bank of Nigeria
  B) The Nigeria Deposit Insurance Corporation
  C) The Abuja Commodity Exchange
  D) The Lagos Stock Exchange
  Show Answer
  The correct answer is A .
• Question 1623: The budget of Nigeria will be deficit if Options:
  A) revenue expenditure exceeds the revenue receipts
  B) capital expenditure exceeds the capital receipts
  C) revenue and capital receipts exceeds revenue and capital receipts
  D) the government is spending more than its receipts
  E) all of the above
  Show Answer
  The correct answer is D .
• Question 1624: The bowed shape of the Production possibilities curve illustrates _________ Options:
  A) that production is inefficient
  B) that demand is relatively inelastic
  C) that production is unattainable
  D) the law of increasing marginal cost
  Show Answer
  The correct answer is A .
• Question 1625: The major source of Nigeria's foreign exchange is the export of? Options:
  A) skilled manpower
  B) palm kernel and cocoa
  C) crude oil
  D) groundnuts and cotton
  Show Answer
  The correct answer is C .
• Question 1626: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .
• Question 1627: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 1628: Disposable income is an income which? Options:
  A) is available for consumption and savings
  B) pensioners receive from the government
  C) is payable to the disable members of the community
  D) accures to the environmental sanitation authorites for refuse disposal
  Show Answer
  The correct answer is A .
• Question 1629:

  The type of business finance that entitles the holder to a fixed rate of dividend is______________--

  Options:
  A) bank load
  B) debenture
  C) preferred stock
  D) semi-fixed
  Show Answer
  The correct answer is C .
• Question 1630: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .