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 1641:

  The type of unemployment found among workers who leave their jobs in search of other jobs is termed

  Options:
  A) seasonal unemployment
  B) structural unemployment
  C) frictional unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 1642:

  A condition in which official and autonomous exchange rate coexist is

  Options:
  A) dual exchange rate system
  B) managed floating rate system
  C) market determined exchange rate system
  D) multiple exchange rate system
  Show Answer
  The correct answer is A .
• Question 1643: The invisible hand promotes the interests of Options:
  A) consumers
  B) society
  C) government
  D) producers
  Show Answer
  The correct answer is C .
• Question 1644: The interest charged on loans is determined by the __________? Options:
  A) Exchange rate
  B) Fiscal policy
  C) Risk associated with the loan
  D) Rate of production in the country
  Show Answer
  The correct answer is C .
• Question 1645: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 1646: The concentration of industries in a particular geographical area is Options:
  A) localization of industries
  B) roles of industrialization
  C) location of industry
  D) strategies of industrialization
  Show Answer
  The correct answer is A .
• Question 1647: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .
• Question 1648: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1649:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .
• Question 1650: 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 .