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 2441: The economic policy of privatization came up as a result of the poor performance of Options:
  A) commercial banks
  B) small-scale businesses
  C) public enterprises
  D) private enterprises
  Show Answer
  The correct answer is C .
• Question 2442: When the importation of a commodity is limited to a definite quantity, the trade control means used is known as Options:
  A) exchange control
  B) tax relief
  C) devaluation
  D) quotas
  Show Answer
  The correct answer is D .
• Question 2443:

  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 2444: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .
• Question 2445: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 2446: The role of the Central Bank in the economic development of Nigeria is to Options:
  A) give short-and medium-term loans to the public
  B) give financial and technical advice to customers
  C) use cheques and bankdrafts to faciliate business transactions
  D) maintain a stable price system
  Show Answer
  The correct answer is D .
• Question 2447:

  The "velocity" of money is

  Options:
  A) The real money supply divided by the real GDP
  B) The money supply multiplied by the price level
  C) The money supply divided by the price level
  D) The ratio of real GDP to the real money supply
  Show Answer
  The correct answer is D .
• Question 2448: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 2449:

  A major determinant of the demand for a luxury good is____________?

  Options:
  A) the price of other goods
  B) the price of the good
  C) tastes and fashion
  D) the income of consumers
  Show Answer
  The correct answer is A .
• Question 2450:

  

  The pie chart above represents the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.

  What is the population of the matured students?

  Options:
  A) 600
  B) 800
  C) 1000
  D) 1200
  Show Answer
  The correct answer is C .