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 1941: The major role of NDIC is to Options:
  A) insure bank deposits
  B) regulate the activities of insurance companies
  C) ensure adequate capitalization of insurance companies
  D) accept customers' deposit
  Show Answer
  The correct answer is A .
• Question 1942: Localization of industry is encouraged because of Options:
  A) Low interest charges on loans
  B) High standard of living
  C) Low foreign exchange rate
  D) Improvements in infrastructure
  Show Answer
  The correct answer is D .
• Question 1943: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 1944: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .
• Question 1945: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1946: A production function relates? Options:
  A) cost to output
  B) wages to profit
  C) cost to input
  D) output to input
  Show Answer
  The correct answer is D .
• Question 1947:

  A price floor is usually fixed

  Options:
  A) at the equilibrium and causes no shortage
  B) above the equilibrium and causes shortage
  C) below the equilibrium and causes surpluses
  D) above the equilibrium and causes surpluses
  Show Answer
  The correct answer is D .
• Question 1948:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 1949: Production in Economics occurs when Options:
  A) a commodity or service is sold
  B) utility is created or added
  C) a commodity is manufactured
  D) raw materials are produced or extracted from mines
  E) all of these
  Show Answer
  The correct answer is E .
• Question 1950: In Nigeria, government can reduce the cost of accommodation by fixing rent Options:
  A) at the prevailing rate
  B) at the equilibrium price
  C) above the equilibrium price
  D) below the equilibrium price
  Show Answer
  The correct answer is C .