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 1831: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .
• Question 1832: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 1833:

  Which of the following is not a direct tax?

  Options:
  A) capital gains tax
  B) purchase tax
  C) personal income tax
  D) capital tax
  Show Answer
  The correct answer is B .
• Question 1834: A major feature of an underdeveloped economy is Options:
  A) excess capacity utilization
  B) low rate of population growth
  C) low level of standard of living
  D) low level of unemployment
  Show Answer
  The correct answer is C .
• Question 1835:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1836: Which of the following is NOT a factor that brings about changes in demand? Options:
  A) a change in real income
  B) government policy
  C) increase in population
  D) the price of the good or service
  E) taste and fashion
  Show Answer
  The correct answer is A .
• Question 1837: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 1838: Which of the following financial assets consist the lowest rate of interest in Nigeria? Options:
  A) commercial bills
  B) call money
  C) treasury bills
  D) development loan stocks
  E) deposits with the federal savings bank
  Show Answer
  The correct answer is D .
• Question 1839: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 1840: These are the objectives of industrial strategies in Nigeria EXCEPT Options:
  A) industrial financing
  B) maximization of local value added
  C) promotion of export oriented industries
  D) promotion of import oriented industries
  E) provision of economic and social infrastructures
  Show Answer
  The correct answer is B .