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 2801: Economic is often described as a science because? Options:
  A) laboratory experiments are performed
  B) it makes use of controlled experiments
  C) it uses scientific methods to explain observed phenomena and predict future events
  D) it makes use of field work
  Show Answer
  The correct answer is C .
• Question 2802:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2803: A consumer's scale of preference is an arrangement of his? Options:
  A) scarce resources in order of importance
  B) needs in order of importance
  C) sources of income and their importances
  D) requirements and how to satisfy them
  Show Answer
  The correct answer is B .
• Question 2804: If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to Options:
  A) shift parallel inwards
  B) rotate outwards away from the origin
  C) rotate inwards towards the origin.
  D) shift parallel outwards
  Show Answer
  The correct answer is C .
• Question 2805:

  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 2806:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2807: Which of the following is NOT a function of Nigeria commercial Banks? Options:
  A) Acceptance of deposit
  B) Lending of money
  C) Investment in securities and business
  D) Issue of currency
  E) Selling and buying of travellers cheques
  Show Answer
  The correct answer is D .
• Question 2808: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .
• Question 2809: Through membership of the Economic Community of West African States (ECOWAS) countries have achieved Options:
  A) a large market for their products
  B) emancipation of Africa
  C) full employment of resources
  D) higher transportation cost of goods within the region
  E) military superiority over other African countries
  Show Answer
  The correct answer is A .
• Question 2810: Fiscal policy is the government's plan to control aggregate demand by manipulating Options:
  A) the demand and supply of money
  B) revenue and expenditure
  C) tastes and preferences of consumers
  D) the structure of production and employment
  Show Answer
  The correct answer is B .