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 2531: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 2532: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 2533:

  If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

  Options:
  A) Zero
  B) 10
  C) 2
  D) 1
  Show Answer
  The correct answer is C .
• Question 2534: Gresham's law in economics shows that Options:
  A) bad money drives good money out of circulation
  B) good money drives bad money out of circulation
  C) gold must be available to maintain the value of paper money
  D) the price level varies directly with the quality of money
  Show Answer
  The correct answer is A .
• Question 2535: Price can be defined as? Options:
  A) a rate of exchange
  B) a mediumof exchange
  C) the cost of product
  D) the standard of accounting
  Show Answer
  The correct answer is A .
• Question 2536: One way of correcting the balance of payments problem of a country is to? Options:
  A) introduce import-promotion measures
  B) buy investments abroad
  C) devalue the currency
  D) de-emphasize import-substitution industries
  Show Answer
  The correct answer is B .
• Question 2537:

  An electrical engineer who is teaching physics in a secondary school is said to be

  Options:
  A) under-employed
  B) unemployed
  C) fully employed
  D) technologically unemployed
  Show Answer
  The correct answer is A .
• Question 2538:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2539: A major disadvantage of a socialist economy is that Options:
  A) corruption is rampant
  B) consumer's sovereignty is lost
  C) income inequality is entrenched
  D) there is high level of unemployment
  Show Answer
  The correct answer is A .
• Question 2540: In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is? Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .