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 2371: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 2372: Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population? (ii) A large proportion of the population is engaged in agriculture.(iii) Agriculture products are used as raw materials by the local industries. (iv) It serves as sources of heavy equipment to local industries. Options:
  A) i and ii only
  B) i,ii and iii only
  C) i, ii and iv only
  D) ii and iii only
  Show Answer
  The correct answer is B .
• Question 2373: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 2374: Monetary policy does NOT involve Options:
  A) increasing the import duties
  B) buying or selling treasury bills by the Central Bank
  C) printing of more currency note
  D) increasing or decreasing cash reserve ratio by the Central Bank
  E) raising the level of interest
  Show Answer
  The correct answer is A .
• Question 2375: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as Options:
  A) tariffs
  B) quotas
  C) exchnge control
  D) devaluation
  E) revaluation
  Show Answer
  The correct answer is B .
• Question 2376:

  Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

  A	40%
  B	50%
  C	33%
  D	36%

  Which type of economy exists in these countries?

  Options:
  A) Traditional
  B) Planned
  C) Pure market
  D) Mixed
  Show Answer
  The correct answer is D .
• Question 2377: Which of the following can be regarded as a liability of a commercial bank? Options:
  A) advances
  B) deposits
  C) treasury bills
  D) overdrafts
  E) cash
  Show Answer
  The correct answer is B .
• Question 2378: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .
• Question 2379: Given a base year and the price index of 175% the following year, which of the following year will arise? Options:
  A) The cost of living decreases of that year
  B) The cost of living remains unchanged
  C) The value of money rises by 75%
  D) The value of money falls by 75%
  Show Answer
  The correct answer is A .
• Question 2380: A tax on land will ultimately fall Options:
  A) partly on agents and users
  B) entirely on users
  C) entirely on owners
  D) partly on users and owners
  Show Answer
  The correct answer is C .