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 2011:

  In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

  Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 2012: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 2013: Firms embark on vertical integration in other to Options:
  A) take over markets formally controlled by other firms
  B) prevent other firms from entering the market
  C) reduce advertisement and management cost
  D) enjoy economies of large-scale production
  Show Answer
  The correct answer is D .
• Question 2014: The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit? Options:
  A) N 100 000
  B) N 800 000
  C) N 1000 000
  D) N 8000 000
  Show Answer
  The correct answer is B .
• Question 2015:

  An ad valorem tax is imposed on_____?

  Options:
  A) Exports
  B) Imports
  C) The Value of a Commodity
  D) Special Commodities
  Show Answer
  The correct answer is C .
• Question 2016: If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys Options:
  A) economies of scale
  B) specialization
  C) division of labour
  D) diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 2017: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .
• Question 2018: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 2019: The act of combining factor inputs in order to obtain specific output is known as Options:
  A) factor procurement
  B) manufacturing
  C) investment
  D) industrialization
  E) production
  Show Answer
  The correct answer is E .
• Question 2020: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .