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 2231: In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when Options:
  A) MUX = MUA
  B) MUX = PX
  C) PX = X
  D) PX = PY
  Show Answer
  The correct answer is B .
• Question 2232: An increase in an economy's productive capacity implies? Options:
  A) an increase in the economy's rate of capital replacement
  B) an increase in the economy's capital stock
  C) a decrease in government spending
  D) an increase in government spending
  Show Answer
  The correct answer is B .
• Question 2233: Privatization and commercialization of public enterprise in Nigeria is necessitated by Options:
  A) the IBRD conditions
  B) the government's loss of interest in them
  C) their operational inefficiency
  D) the IMF conditions
  Show Answer
  The correct answer is C .
• Question 2234: Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00? Options:
  A) N100.00
  B) N1,000.00
  C) N9,000.00
  D) N10,000.00
  Show Answer
  The correct answer is D .
• Question 2235: A capitalist economy is one characterized by the? Options:
  A) private ownership of factors of production
  B) ownership of factors of production by rich members of the society
  C) use of capital and labour in fixed proportions during production
  D) use of capital intensive methods of production
  Show Answer
  The correct answer is A .
• Question 2236: A strategy for curbing unemployment is to Options:
  A) implement government stabilization policy
  B) increase taxes and decrease government expenditure
  C) increase government expenditure and decrease taxes
  D) ensure even distribution of job opportunities
  Show Answer
  The correct answer is C .
• Question 2237: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .
• Question 2238: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .
• Question 2239: The main economic goal of ECOWAS is the attainment of ? Options:
  A) regional free trade
  B) Multilateral trade
  C) bilateral trade
  D) economic self-reliance
  E) The economic emancipation of Africa
  Show Answer
  The correct answer is A .
• Question 2240: An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is? Options:
  A) the Nigerian National Oil Company
  B) Peak Petroleum Industries Nigeria Limited
  C) Nigeria Exploration and Production Company
  D) the Nigeria National Petroleum Corporation
  Show Answer
  The correct answer is D .