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 231: Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks? Options:
  A) Open market operation
  B) Reserve requirements
  C) Bank rate
  D) Directives
  E) Special deposits
  Show Answer
  The correct answer is B .
• Question 232: The government can influence the price of agriculture products by? Options:
  A) fixing minimum prices when agricultural output is low
  B) fixing maximum prices in years of bumper harvest
  C) the use of buffer stock and stabilization funds
  D) paying all farmers producing identical crops a uniform amount of money
  Show Answer
  The correct answer is C .
• Question 233: Public debt is composed of? Options:
  A) internal debts and World Bank loans
  B) money owed to local and foreign contractors
  C) internal and external debts
  D) loans granted by IMF and ADB
  Show Answer
  The correct answer is C .
• Question 234:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 235: In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced Options:
  A) N75.00
  B) N100
  C) N175.00
  D) N125.00
  Show Answer
  The correct answer is B .
• Question 236: the type of business finance that entitle the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture stock
  D) bank loan
  Show Answer
  The correct answer is A .
• Question 237: The working population refers to? Options:
  A) a population where the average age is falling
  B) the population within the '0 -14'age bracket
  C) the economically active segment of the population
  D) the dependent population
  Show Answer
  The correct answer is C .
• Question 238: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .
• Question 239: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 240:

  From the diagram shown, the optional point of production is_____________?

  Options:
  A) R
  B) T
  C) S
  D) U
  Show Answer
  The correct answer is C .