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 2321: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 2322: Which of the following is not an indirect tax? Options:
  A) excise duty
  B) company tax
  C) import duty
  D) export duty
  E) sales tax
  Show Answer
  The correct answer is B .
• Question 2323: Disposable income is total income Options:
  A) less tax
  B) divided by tax
  C) plus tax
  D) multiplied by tax
  Show Answer
  The correct answer is A .
• Question 2324:

  What happens when the central bank increases the bank rate in an economy

  Options:
  A) borrowing is discouraged
  B) customers increase their borrowing
  C) banks can increase their lending
  D) money supply increases
  Show Answer
  The correct answer is A .
• Question 2325:

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 2326: A glut in the world market for crude oil means? Options:
  A) a fall in crude oil production
  B) an excess supply of crude petroleum
  C) a higher crude oil price offered by the buyer
  D) a higher crude oil price demanded by the seller
  Show Answer
  The correct answer is B .
• Question 2327: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
  Show Answer
  The correct answer is C .
• Question 2328: The major determinant of the total volume of output in an economy is the Options:
  A) level of total expenditure
  B) composition of consumer spending
  C) number of farmers
  D) size of the labour force
  Show Answer
  The correct answer is A .
• Question 2329: Which of the following combinations is a veritable set of development indicators? Options:
  A) Growth of governemnt expenditure and imports
  B) Growth of population and national income
  C) High fertility, literacy and school enrolment rates
  D) Low infant mortality and high per capital income and literacy rates
  Show Answer
  The correct answer is D .
• Question 2330: A good indicator of economic development is an increase in Options:
  A) gross national product
  B) per capital income
  C) real national income
  D) real per capital income
  Show Answer
  The correct answer is B .