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 1711: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 1712: ECOWAS Visa lasts for Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .
• Question 1713: The only factor of production that plays an active role in the production process is Options:
  A) land
  B) capital
  C) entrepreneur
  D) labour
  Show Answer
  The correct answer is C .
• Question 1714: The choice of how to produce in a command economy is determined by Options:
  A) government
  B) consumer
  C) industrialists
  D) labour unions
  Show Answer
  The correct answer is A .
• Question 1715: If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be? Options:
  A) less than zero
  B) decreasing
  C) constant
  D) increasing
  Show Answer
  The correct answer is B .
• Question 1716: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C .
• Question 1717: The demand for salt is ………… Options:
  A) Elastic
  B) Inelastic
  C) Unitary elastic
  D) both a and b
  Show Answer
  The correct answer is B .
• Question 1718: The relationship between the value of money and the price level is? Options:
  A) direct
  B) unpredictable
  C) diverse
  D) inverse
  Show Answer
  The correct answer is D .
• Question 1719: Commercial banks can create money in the following ways? Options:
  A) by using coins and paper money
  B) by borrowing money from banks abroad
  C) by receiving deposit from individuals
  D) by printing money on the instruction of the central bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1720: The minimum amount which banks are required to deposit with the central bank is determined by the Options:
  A) liquidity ratio
  B) cash reserve ratio
  C) minimum lending rate
  D) aggregate credit ceiling
  Show Answer
  The correct answer is C .