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 2381:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2382:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2383: One of the objectives of Nigeria's current population policy is to? Options:
  A) reduce the birth rate
  B) reduce the emmigration rate
  C) increase the birth rate
  D) enhance longevity
  Show Answer
  The correct answer is A .
• Question 2384: Efficiency of labour implies Options:
  A) education and training
  B) good working condition
  C) healthier workforce
  D) increased productivity worker accompanied by improvement in the quality of output
  E) the amount of incentives or remuneration given to workers
  Show Answer
  The correct answer is D .
• Question 2385: Which of the following is NOT a function of the wholesaler in the distributive channel? Options:
  A) Bulk breaking
  B) Direct contact with end users
  C) Feedback information to manufacturers
  D) Public relations and advertising of products
  E) Storage facilities for finished products
  Show Answer
  The correct answer is B .
• Question 2386: The price paid for labour services is the? Options:
  A) commission rate
  B) wages rate
  C) income rate
  D) salary rate
  Show Answer
  The correct answer is B .
• Question 2387: A commercial bank can create money by Options:
  A) issuing currency
  B) increasing cash ratio
  C) issuing cheque
  D) lending to borrowers
  Show Answer
  The correct answer is D .
• Question 2388: Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 Options:
  A) 50litres
  B) 32.5litres
  C) 30litres
  D) 35litres
  Show Answer
  The correct answer is B .
• Question 2389:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2390: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
  Show Answer
  The correct answer is B .