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 2161:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 2162:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 2163: Which of the following is used by the Central Bank to control the rate of interest? Options:
  A) Bill of Exchange
  B) Banker's order
  C) Fixed deposit account
  D) Open market operation
  Show Answer
  The correct answer is B .
• Question 2164: Mobility of labour is NOT affected by Options:
  A) optimum size of population
  B) marriage and family
  C) regulation of trade unions
  D) period of training
  Show Answer
  The correct answer is A .
• Question 2165: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .
• Question 2166: The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to? Options:
  A) increase their output
  B) decrease their output
  C) keep their output constant
  D) hoard their output
  Show Answer
  The correct answer is A .
• Question 2167: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
  Show Answer
  The correct answer is D .
• Question 2168: Which of the following statement is TRUE about ECOWAS? Options:
  A) The aim of ECOWAS is to ensure economic stability
  B) Bigger state in the community dominate the small state
  C) Members of the ECOWAS community can form cartel and create monopolies
  D) English is the only official language of ECOWAS
  Show Answer
  The correct answer is C .
• Question 2169: The role of the Central Bank in the economic development of Nigeria is to Options:
  A) give short-and medium-term loans to the public
  B) give financial and technical advice to customers
  C) use cheques and bankdrafts to faciliate business transactions
  D) maintain a stable price system
  Show Answer
  The correct answer is D .
• Question 2170:

  Which of the following are direct taxes?

  Options:
  A) Sales taxes
  B) Excise taxes
  C) Income and company taxes
  D) Tarrif duties
  E) Commodity taxes
  Show Answer
  The correct answer is C .