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 1861:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 1862: Which of the following can be regarded as a liability of a commercial bank? Options:
  A) advances
  B) deposits
  C) treasury bills
  D) overdrafts
  E) cash
  Show Answer
  The correct answer is B .
• Question 1863:

  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 1864: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .
• Question 1865: One of the ways by which the government can speed up economic development is through the? Options:
  A) increase in consumption pattern of the people
  B) encouragement of savings, investment and equitable distribution of goods and services
  C) increase in the rate of population growth so as to ensure that the country has a large labour force
  D) encouragement of importation of raw materials to produce consumer goods
  Show Answer
  The correct answer is B .
• Question 1866: 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 1867: If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to Options:
  A) shift parallel inwards
  B) rotate outwards away from the origin
  C) rotate inwards towards the origin.
  D) shift parallel outwards
  Show Answer
  The correct answer is C .
• Question 1868: The final stage in the production process of any commodity involves its movement from the Options:
  A) retailer to the wholesaler
  B) producer to the wholesaler
  C) retailer to the consumer
  D) wholesaler to the retailer
  Show Answer
  The correct answer is C .
• Question 1869:

  The population of country X in 1990 was 35 million.

  The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.

  Options:
  A) 24,250,000
  B) 25,350,000
  C) 34,750,000
  D) 35,250,000
  Show Answer
  The correct answer is D .
• Question 1870: Petro-chemical industries are located in the Rivers State of Nigeria because of ________? Options:
  A) favourable soil
  B) coal deposit
  C) crude oil deposit
  D) favourable climate
  Show Answer
  The correct answer is C .