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 1901: The major reason why nations engage in international trade is that? Options:
  A) it allows free movement of factors of production
  B) it makes possible the use of capital-intensive method of production
  C) nations are substantially different in their endowments of economic resources
  D) it affords the trading nations the opportunity to earn high profit
  Show Answer
  The correct answer is C .
• Question 1902: The Central Bank instrument of control does NOT include Options:
  A) open market operation
  B) moral sanctions
  C) reverse requirements
  D) selective credit control
  E) printing bank-notes
  Show Answer
  The correct answer is B .
• Question 1903:

  In the case of highly or close complementary goods, the indifference curve is_______

  Options:
  A) A straight line
  B) A right-angled
  C) L - shaped
  D) Curvature
  Show Answer
  The correct answer is D .
• Question 1904:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1905:

  The establishment of industries in rural areas will help to reduce____________-

  Options:
  A) Urban-Rural migration
  B) Rural-Urban migration
  C) Rural-Rural migration
  D) Urban-Urban migration
  Show Answer
  The correct answer is B .
• Question 1906: A good indicator of economic development is an increase in Options:
  A) gross national product
  B) per capital income
  C) real national income
  D) real per capital income
  Show Answer
  The correct answer is B .
• Question 1907:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 1908:

  Overpopulation is caused by

  Options:
  A) emigration
  B) disease
  C) low Literacy rates
  D) war and conflicts
  Show Answer
  The correct answer is C .
• Question 1909: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .
• Question 1910:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .