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 2141: A continuous increase in national income accompanied by the structural transformation of all indices is called Options:
  A) economic planning
  B) economic growth
  C) economic reforms
  D) economic development
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  The correct answer is D .
• Question 2142: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
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  The correct answer is C .
• Question 2143: The family Support Programme in Nigeria essentially focuses on? Options:
  A) the generation of employment
  B) the alleviation of poverty
  C) agricultural and industrial development
  D) economic emancipation of women
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  The correct answer is D .
• Question 2144: We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because Options:
  A) it is the dependent population of Nigeria, economically
  B) all student in Nigeria are in this group
  C) more than 50% of all Nigerians are in this group
  D) it is the most expensive group of the economy
  E) it is the productive group of the economy
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  The correct answer is E .
• Question 2145:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 2146: Short-term loans for investment are usually obtained through the Options:
  A) stock market
  B) development banks
  C) money market
  D) capital market
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  The correct answer is C .
• Question 2147: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
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  The correct answer is B .
• Question 2148:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
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  The correct answer is A .
• Question 2149: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .
• Question 2150: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
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  The correct answer is D .