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 2211: Which of the following measure will NOT serves as a control during inflation period? Options:
  A) increase in personal income tax
  B) increase in bank rate and interest
  C) increase in government capital expenditure
  D) reduction in money supply
  E) reduction in government recurrent expenditure
  Show Answer
  The correct answer is C .
• Question 2212: When public enterprises become commercialized, it means that? Options:
  A) the product of the enterprises are further subsidized
  B) they are expected to operate with the primary aim of making profits
  C) the government has decided to divest itself of such enterprises
  D) the staff of the enterprises will be laid off
  Show Answer
  The correct answer is B .
• Question 2213:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2214: 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 2215:

  

  The pie chart above represents the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.

  What is the population of the matured students?

  Options:
  A) 600
  B) 800
  C) 1000
  D) 1200
  Show Answer
  The correct answer is C .
• Question 2216:

  

  In the diagram above, what is the excess demand at the price of ₦60

  Options:
  A) 200
  B) 300
  C) 600
  D) 100
  Show Answer
  The correct answer is B .
• Question 2217:

  Which of the following is not emphasized in a product possibility curve?

  Options:
  A) Scarcity of resources
  B) Economic development
  C) Inefficiency in the use of resources
  D) Unemployment of labour
  Show Answer
  The correct answer is D .
• Question 2218:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2219:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2220:

  Taxes and government expenditures are instruments of____________

   

   

  Options:
  A) Monetary policy
  B) Tax policy
  C) Economic policy
  D) Fiscal policy
  Show Answer
  The correct answer is D .