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 2261: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 2262:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 2263: 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
  Show Answer
  The correct answer is D .
• Question 2264: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .
• Question 2265: A major problem facing all economies is how to? Options:
  A) increase consumption of imported goods
  B) improve trade among nations
  C) transform from a developing to a developed economy
  D) allocate scarce resources
  Show Answer
  The correct answer is D .
• Question 2266: 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 2267: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 2268: An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry. Options:
  A) construction
  B) conversion
  C) manufacturing
  D) mining
  E) processing
  Show Answer
  The correct answer is C .
• Question 2269: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
  Show Answer
  The correct answer is B .
• Question 2270: When a nation is experiencing balance of payment surplus, it is in a better position to? Options:
  A) increase its foreign exchange reserves
  B) increase its liabilities to foreigners
  C) reduce its foreign exchange reserves
  D) devalue its national currency
  Show Answer
  The correct answer is A .