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: Which is NOT a function of Central Bank in West Africa Options:
  A) Dealing in foreign exchange
  B) Issuing of currency
  C) Accepting deposit from private customers
  D) Acting as government bank
  E) Acting as bankers bank
  Show Answer
  The correct answer is C .
• Question 1832:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1833: The major characteristics of an undeveloped nation is Options:
  A) Over-dependence on foreign products
  B) Dominance of the industrial sector
  C) High per capita income
  D) Efficient and sensitive financial sector
  Show Answer
  The correct answer is A .
• Question 1834:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 1835: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1836: Which of the following is NOT one of the balance of payment entries? Options:
  A) the current account
  B) foreign exchange
  C) Import and Export duties
  D) Short-term capital
  E) Long-term capital
  Show Answer
  The correct answer is B .
• Question 1837:

  Which of the following activities will not lead to economic growth?

  Options:
  A) Massive importation of capital goods
  B) Intensive capital formation
  C) Use of modern technology
  D) Massive importation of consumer goods
  Show Answer
  The correct answer is D .
• Question 1838: One of the major criticisms of the 1992-1968 National development Plan was that? Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's indepedence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foreign sourced financial resources
  Show Answer
  The correct answer is D .
• Question 1839: Which of the following is a determinant of elasticity of supply? Options:
  A) Consumer’s income
  B) Degree of necessities
  C) Durability of the product
  D) Number of uses of the commodity
  E) Proportion of income spent on the product
  Show Answer
  The correct answer is C .
• Question 1840: The bank established to finances project aimed at promoting economic and social development within the African continent is Options:
  A) African bank for commerce and industry
  B) African development bank
  C) economic bank for African
  D) recovery fund bank for Africa
  E) Africa currency board bank
  Show Answer
  The correct answer is B .