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 1771: One of the advantages of a partnership over a sole proprietorship is that? Options:
  A) it is the most popular form of business organization
  B) the patern can easy withdraw from business
  C) it makes an increase in the capital of the business possible
  D) there is no limit to the number of people who may bring in capital
  Show Answer
  The correct answer is C .
• Question 1772:

  A movement along a given demand curve for a good is caused by a change in

  Options:
  A) A consumer income
  B) The price of the good
  C) Taste
  D) The prices of other goods
  E) Population
  Show Answer
  The correct answer is B .
• Question 1773: The following will occur when maximum price is fixed below the free market price EXCEPT that Options:
  A) black market will be encouraged
  B) excess demand will occur
  C) excess supply will occur
  D) rationing of commodities will occur
  E) scarcity of goods will occur
  Show Answer
  The correct answer is C .
• Question 1774:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 1775: A commercial bank is able to create money Options:
  A) by printing it
  B) by maintaining reserve
  C) by creating a demand deposit as it gives a new loan
  D) by issuing cheques to depositors
  E) by borrowing from the central bank
  Show Answer
  The correct answer is C .
• Question 1776:

  ------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria

  Options:
  A) Poor performance of non-oil sector
  B) Export promotion
  C) No import substitution strategies
  D) High servicing of debt
  Show Answer
  The correct answer is B .
• Question 1777: A tax that takes an increasing fraction of income as income goes down is called? Options:
  A) conditional
  B) regressive
  C) progressive
  D) proportional
  Show Answer
  The correct answer is B .
• Question 1778: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
  Show Answer
  The correct answer is B .
• Question 1779:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 1780: Nigeria is currently implementing the? Options:
  A) third development plan
  B) second development plan
  C) fourth development plan
  D) fifth development plan
  Show Answer
  The correct answer is C .