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 2281: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 2282:

  The stock exchange is an example of the

  Options:
  A) labour market
  B) money market
  C) commodity market
  D) capital market
  Show Answer
  The correct answer is D .
• Question 2283:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 2284: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 2285: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
  Show Answer
  The correct answer is B .
• Question 2286: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
  Show Answer
  The correct answer is C .
• Question 2287:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 2288:

  The basic economic problems of society include___________

  Options:
  A) scarcity, for whom to produce and where
  B) what to produce, how and for whom
  C) how to produce and sell
  D) scarcity, when to produce and how
  Show Answer
  The correct answer is B .
• Question 2289: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 2290: Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20% Options:
  A) 700.00
  B) 600.00
  C) 500.00
  D) 400.00
  Show Answer
  The correct answer is C .