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: The first commercial oil well in Nigeria was discovered in Options:
  A) 1938
  B) 1951
  C) 1956
  D) 1958
  E) 1961
  Show Answer
  The correct answer is C .
• Question 2142: Gains from trade depends on? Options:
  A) comparative advantage
  B) absolute advantage
  C) distributive cost advantage
  D) absolute cost advantage
  Show Answer
  The correct answer is A .
• Question 2143: The 1962-1968 development plan in nigerian failed because of Options:
  A) absence of indigenous bank
  B) higher exchange rate
  C) non availability of finance house
  D) movement of colonial masters
  E) over dependency on foreign capital
  Show Answer
  The correct answer is E .
• Question 2144: Price legislation means Options:
  A) directing market specialist to fix prices
  B) interplay of either demand or supply
  C) producers are prices givers
  D) regulating the price system by the government
  E) the use of market forces
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  The correct answer is A .
• Question 2145: Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called Options:
  A) bears
  B) brokers
  C) bulls
  D) jobbers
  E) stags
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  The correct answer is C .
• Question 2146:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2147: The working population refers to? Options:
  A) a population where the average age is falling
  B) the population within the '0 -14'age bracket
  C) the economically active segment of the population
  D) the dependent population
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  The correct answer is C .
• Question 2148: An inflation which occurs as a result of increase in production cost is known as Options:
  A) cost-push inflation
  B) creeping inflation
  C) demand-pull inflation
  D) hyper-inflation
  E) runaway inflation
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  The correct answer is A .
• Question 2149: Monetization refers to the ratio of? Options:
  A) total transactions to monetary transactions
  B) monetary assets to total assets
  C) monetary transactions to total transactions
  D) money in circulation to total income
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  The correct answer is D .
• Question 2150: Exclusions that makes Gross National Product a poor measure of welfare are? Options:
  A) goverment purchases
  B) government millitary outlays
  C) wages and salaries
  D) housewives services
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  The correct answer is D .