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 1881: One of the challenges facing the banking industry in Nigeria is Options:
  A) ensuring technological security
  B) providing employment
  C) providing loans for investment
  D) creating more money
  Show Answer
  The correct answer is C .
• Question 1882: If inflation is anticipated to continue? Options:
  A) people will lose confidence in goods
  B) lenders will demand higher interest rate
  C) the growth of full employment output will be accelerated
  D) people will want to hold more money
  Show Answer
  The correct answer is B .
• Question 1883: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 1884:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 1885: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 1886: Production takes place when Options:
  A) output is transformed into input
  B) machines replace human effort
  C) input is transformed into output
  D) there is specialization and division of labour
  Show Answer
  The correct answer is C .
• Question 1887: the Central Bank's expansionary monetary policy is justified at a period? Options:
  A) when the inflation rate is high and the economic is experiencing a boom
  B) of economic depression accompanied by low capacity utilization
  C) when trade unions are clamouring for higher wages
  D) when price of crude petroleum is rising
  Show Answer
  The correct answer is B .
• Question 1888:

  Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work

  Ii,Difficulties in assessment and collection

  Iii, imperfection in tax assessment.

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 1889: The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as? Options:
  A) peasant agriculture
  B) plantation agriculture
  C) co-operative farming
  D) subsistence farming
  Show Answer
  The correct answer is D .
• Question 1890: Increased output will cause farmers' revenue to decrease when market demand is? Options:
  A) elastic
  B) inelastic
  C) unitary elastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .