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 1931:

  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 1932:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1933: Which is NOT a direct effort to increase Agricultural production in Nigeria? Options:
  A) Operation feed the Nation
  B) Nigerian Youth Service Corps
  C) Increased loans to farmers and cooperatives
  D) Research in Agric & Extension services
  E) Mechanization of Agriculture
  Show Answer
  The correct answer is B .
• Question 1934:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 1935: Goods that are useful, scarce and can command price are called …………. goods. Options:
  A) capital
  B) consumer
  C) economic
  D) free
  E) scarce
  Show Answer
  The correct answer is C .
• Question 1936: The function of moneyas a standard of deferred payments Options:
  A) Make possible for an individual to build up store of many things for future use
  B) Makes it possible for payment to be postponed from the present to a future date
  C) Facilitate the exchange of goods
  D) Makes easy calculations possible
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 1937: When a nation is experiencing balance of payment surplus, it is in a better position to? Options:
  A) increase its foreign exchange reserves
  B) increase its liabilities to foreigners
  C) reduce its foreign exchange reserves
  D) devalue its national currency
  Show Answer
  The correct answer is A .
• Question 1938: Scarcity in economics means that? Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 1939: Which of the following is a motive for holding money? Options:
  A) celebration
  B) daily purchases
  C) election campaign
  D) payment of taxes
  Show Answer
  The correct answer is B .
• Question 1940: An economic system where both the public and individuals own and control means of production is known as ……… system Options:
  A) capitalism
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .