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 2591: On the basis of the contribution to employment, the most important economic sector in West African is? Options:
  A) industry
  B) agriculture
  C) construction
  D) commerce
  Show Answer
  The correct answer is D .
• Question 2592: The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as Options:
  A) visible trade
  B) invisible trade
  C) balance of payments
  D) balance of trade
  E) terms of trade
  Show Answer
  The correct answer is C .
• Question 2593: In order to reduce hardship faced by consumers due to high prices government can introduce Options:
  A) maximum prices
  B) commodity boards
  C) minimum prices
  D) price control boards
  Show Answer
  The correct answer is A .
• Question 2594:

  The use of legally permissible means to reduce tax liabilities is known as tax?

  Options:
  A) evasion
  B) avoidance
  C) relief
  D) exemption
  Show Answer
  The correct answer is C .
• Question 2595: Inflation can be curbed by Options:
  A) increasing aggregate demand
  B) paying higher wages
  C) increasing government expenditure
  D) reducing aggregate demand
  E) a deficit budget
  Show Answer
  The correct answer is D .
• Question 2596: In a capitalist economy, the economic problem of what goods to produce is decided mainly by? Options:
  A) shadow prices
  B) profit level
  C) relative prices
  D) a central planner
  Show Answer
  The correct answer is B .
• Question 2597:

  The factor of production that has the highest degree of mobility is__________?

  Options:
  A) entrepreneurship
  B) land
  C) labour
  D) capital
  Show Answer
  The correct answer is C .
• Question 2598: The bank established to finances project aimed at promoting economic and social development within the African continent is Options:
  A) African bank for commerce and industry
  B) African development bank
  C) economic bank for African
  D) recovery fund bank for Africa
  E) Africa currency board bank
  Show Answer
  The correct answer is B .
• Question 2599:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2600:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .