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 term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .
• Question 2332: A firm is said to be a public Joint Stock Company when it? Options:
  A) is owned by the government
  B) is operated as a public corporation
  C) is operated in a non-democratic fashion
  D) sells shares to members of the public and publishes its account
  E) is a limited liability company
  Show Answer
  The correct answer is D .
• Question 2333: Short-term loans for investment are usually obtained through the Options:
  A) stock market
  B) development banks
  C) money market
  D) capital market
  Show Answer
  The correct answer is C .
• Question 2334:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  The multiplier is

  Options:
  A) 8
  B) 4
  C) 3
  D) 2
  Show Answer
  The correct answer is D .
• Question 2335: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 2336:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 2337: The main source of government revenue in Nigeria is Options:
  A) import duties
  B) rents and royalties
  C) company income tax
  D) capital gains tax
  Show Answer
  The correct answer is A .
• Question 2338: The excess of aggregate expenditure over full employment level of output is referred to as Options:
  A) GNP gap
  B) deflationary gap
  C) inflation gap
  D) recessionary gap
  Show Answer
  The correct answer is C .
• Question 2339:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 2340: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .