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 1781: The primary reason for desiring economic growth is to Options:
  A) control inflation
  B) reduce poverty
  C) redistribute income
  D) raise standard of living
  Show Answer
  The correct answer is C .
• Question 1782: Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks? Options:
  A) Open market operation
  B) Reserve requirements
  C) Bank rate
  D) Directives
  E) Special deposits
  Show Answer
  The correct answer is B .
• Question 1783: Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under? Options:
  A) the marketing boards
  B) the commodity boards
  C) the river-basin authorities
  D) private investors and individuals
  Show Answer
  The correct answer is D .
• Question 1784: unlimited liability means? Options:
  A) The government can tax a company without limit
  B) The debts of a company must be paid out of it assets
  C) A company ceases to exist at the death of one of its owners
  D) A firm must pay its debts from business as well as private funds
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 1785: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
  Show Answer
  The correct answer is A .
• Question 1786: What is the growth rate of employment? Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 5.7%
  E) 4.1%
  Show Answer
  The correct answer is A .
• Question 1787: Mono production economies are those that? Options:
  A) have a rich cultural heritage
  B) produces only raw materials
  C) live from the export of their raw product
  D) produce one main commodities
  E) specialized in agricultral industries
  Show Answer
  The correct answer is D .
• Question 1788: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
  Show Answer
  The correct answer is B .
• Question 1789:

  

  The point x inside the PPC indicates

  Options:
  A) resources are fully utilized
  B) the country is poor
  C) some resources are idle
  D) resources are not available
  Show Answer
  The correct answer is C .
• Question 1790:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .