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: The value of money is affected by Options:
  A) consumer’s income
  B) effective demand
  C) effective supply
  D) equilibrium price
  E) general price level
  Show Answer
  The correct answer is E .
• Question 2382: Which of the following enterprises does NOT pursue the sole objective of profit maximization? Options:
  A) Roads of Nigeria Ltd
  B) Union Bank of Nigeria Ltd
  C) Nigeria Electric Power Authority
  D) Volkswagen (VW) Nigeria Ltd
  E) Kingsway Nigeria Ltd
  Show Answer
  The correct answer is C .
• Question 2383: which of the following measures can be used to control inflation? Options:
  A) decrease in bank rate
  B) Decrease in taxation
  C) deficit budget
  D) Export drive
  E) Increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 2384: The downstream activities of oil companies in Nigeria involve Options:
  A) refining and distribution
  B) prospecting and exploration
  C) off-shore drilling
  D) management of spillage and pollution
  Show Answer
  The correct answer is A .
• Question 2385: Optimum population is defined as the level of population at which? Options:
  A) per capital output is maximized
  B) population is neither increasing nor decreasing
  C) total national income is maximized
  D) marginal efficiency of population is maximized
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  The correct answer is A .
• Question 2386: The law of demand can be expressed as Options:
  A) P = f(Q _d)
  B) Q _d = f($\frac{1}{p}$
  C) P = f($\frac{1}{Q_d}$
  D) Qd = f(P)
  Show Answer
  The correct answer is B .
• Question 2387:

  

  If the GDP is ₦60 billion, what is the difference between the contributions of oil and manufacturing sectors?

  Options:
  A) ₦11.7 billion
  B) ₦13.3 billion
  C) ₦21.7 billion
  D) ₦26.6 billion
  Show Answer
  The correct answer is C .
• Question 2388: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 2389:

  The oil boom between 1970 - 1980 caused the oil sector to become____________

  Options:
  A) the main source of government
  B) management of spillage and pollution
  C) protection to the local operators in the petroleum industry
  D) decrease in the rate of inflation
  Show Answer
  The correct answer is A .
• Question 2390: A distribution is said to be positively skewed if it Options:
  A) has a long tail to the left
  B) has a long tail to the right
  C) is bimodal
  D) is bell-shaped
  Show Answer
  The correct answer is B .