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:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 2382:

  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 2383: The most important limitation on the partner as a form of business enterprise is the? Options:
  A) implication for partners'liability
  B) legal limitation placed on the number of partners
  C) difficulties arising from having two co-ordinate heads of a firm
  D) fact that each partner regardless of the capital he contributes, must have the same voting rights
  Show Answer
  The correct answer is B .
• Question 2384: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 2385: The petroleum industry in Nigeria is? Options:
  A) the sole source of the nation's revenue
  B) the oldest industry in the country
  C) the mainstay of the economy
  D) a factor in the decline in the nation's foreign reserves
  Show Answer
  The correct answer is D .
• Question 2386: Tariff on imports are meant to? Options:
  A) prevent a foreign goods
  B) discourage exports
  C) encourage exports
  D) increase the level of external dependency
  Show Answer
  The correct answer is A .
• Question 2387:

  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 2388:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 2389:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  What is the ratio of expenditure of health to Agriculture?

  Options:
  A) 2:3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 2390:

  Which of the following factors is not a reason for farmers' unstable incomes?

  Options:
  A) dependence on too many crops
  B) poor storage facilities
  C) adverse weather conditions
  D) recession in the world economy
  Show Answer
  The correct answer is A .