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 1651: A significant effect of the growth of the oil sector in Nigeria has been to? Options:
  A) increase the rate of unemployment
  B) diminish the percentage contribution of the agricultural sector to GNP
  C) slow down the pace of industrialization
  D) retard the rate of economic growth
  Show Answer
  The correct answer is B .
• Question 1652:

  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 1653:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 1654: Which of the following is NOT an internal dis-economy of scales? Options:
  A) Easy management and less administrative cost
  B) large firm suffers from bureaucracy or red tapism
  C) less personal relationship between management and employees
  D) Motivation may be lacking in the large firm
  E) slow response to changes
  Show Answer
  The correct answer is A .
• Question 1655: The per capita income is calculated as Options:
  A) GNP- working age population
  B) GNP- real national income
  C) GNP- total capital expenditure
  D) GNP- dependency ratio
  E) GNP- population
  Show Answer
  The correct answer is E .
• Question 1656: Concentrating industries in one place is advantageous because there are gains in terms of? Options:
  A) external economies
  B) internal economies
  C) economies of scale
  D) cost economies
  Show Answer
  The correct answer is A .
• Question 1657:

  A rise in the market price of fixed interest securities is an indication that the

  Options:
  A) supply of money has decreased
  B) liquidity preference has increased
  C) market rate of interest has risen
  D) market rate of interest has fallen
  Show Answer
  The correct answer is D .
• Question 1658: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 1659: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 1660:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .