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 171: Because money serves as a standard for deferred payments Options:
  A) it serves as a store of value
  B) goods can be bought on credit with pre-determined value
  C) future trade becomes possible
  D) it serves as a unit of account
  E) it becomes valuable
  Show Answer
  The correct answer is B .
• Question 172:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 173: The major determinant of cross elasticity of demand is the Options:
  A) price of the good
  B) degree of necessity of the good
  C) level of income of consumers
  D) closeness of the substitutes
  Show Answer
  The correct answer is D .
• Question 174: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .
• Question 175: Agriculture is central to Nigeria''s economic development because? Options:
  A) Nigeria''s comparative advantage lies mainly in agro-allied industries
  B) agriculture is the largest employer of labour
  C) agriculture accounts for an insignificant domestic product
  D) Nigeria earns limitless foreign exchange from agriculture
  Show Answer
  The correct answer is B .
• Question 176: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 177: GDP differs from GNP because GDP Options:
  A) is inclusive of depreciation
  B) emphasizes the final goods and service produced within the country at a particular period
  C) emphasizes the goods and services within the country
  D) emphasizes the market value of all final goods and services produced by nationals
  Show Answer
  The correct answer is B .
• Question 178:

  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 .
• Question 179: In an inflationary period which of the following statements is NOT true? Options:
  A) Wages rise simultaneously with prices
  B) The purchasing power of money diminishes
  C) More money runs after a limited quantity of goods
  D) Money supply increases
  E) Aggregate real demand exceeds aggregate real supply
  Show Answer
  The correct answer is A .
• Question 180: When we draw a market demand curve, we? Options:
  A) ignore tastes, incomes and other prices
  B) assumes that tastes, income and prices do not matter
  C) assumes that taste, income and all other prices change in same direction as prices
  D) assume that tastes, incomes and all other prices remain constant
  E) both A and B above
  Show Answer
  The correct answer is D .