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 2711: Which of the following is NOT a major function of a Central Bank? Options:
  A) Serving as Goverment''s bank
  B) Serving as bankers bank
  C) Acceptance of deposit from the public
  D) Responsibility for monetary policy
  E) Serving as lender of last resort
  Show Answer
  The correct answer is C .
• Question 2712: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 2713: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .
• Question 2714:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2715:

  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 2716: One of the gains by member states of the Economic Community of West Africa? Options:
  A) monocultural dependency
  B) trade creation
  C) trade inversion
  D) economic independency
  Show Answer
  The correct answer is C .
• Question 2717: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
  Show Answer
  The correct answer is C .
• Question 2718: An institution that regulates trade relations among members is the Options:
  A) ADB
  B) OPEC
  C) EU
  D) IMF
  Show Answer
  The correct answer is B .
• Question 2719:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 2720: If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys Options:
  A) economies of scale
  B) specialization
  C) division of labour
  D) diseconomies of scale
  Show Answer
  The correct answer is A .