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 2331: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .
• Question 2332: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .
• Question 2333: Deficit financing is mostly facilitated by the existence of? Options:
  A) stock exchange market
  B) commercial bank
  C) central bank
  D) capital market
  Show Answer
  The correct answer is C .
• Question 2334: Which of the following is NOT a characteristic of perfect competition? Options:
  A) many sellers and buyers in the markets
  B) There is perfect knowledge
  C) Supply and demand are equal
  D) There is no advertising
  E) Products are identical
  Show Answer
  The correct answer is C .
• Question 2335: which of the financial institutions cannot direct tax loans to individuals? Options:
  A) The agricultural bank
  B) The Industrial bank
  C) The central bank
  D) The Co-operative bank
  E) The Standard bank
  Show Answer
  The correct answer is C .
• Question 2336: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .
• Question 2337:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 2338: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 2339: In a capitalist economy, the economic problem of what goods to produce is decided mainly by? Options:
  A) shadow prices
  B) profit level
  C) relative prices
  D) a central planner
  Show Answer
  The correct answer is B .
• Question 2340: Which of the following is an example of a fixed cost? Options:
  A) Fuel cost
  B) Electricity bill
  C) Rent on building
  D) Transportation cost
  Show Answer
  The correct answer is C .