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 2831:

  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 2832:

  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 .
• Question 2833: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
  Show Answer
  The correct answer is B .
• Question 2834: In a socialist economic system, decisions relating to the fundamental economic problems are taken by Options:
  A) academicians
  B) government
  C) individuals
  D) judiciary
  E) manufacturers
  Show Answer
  The correct answer is B .
• Question 2835: An accurate census is important to a country because it helps? Options:
  A) in solving unemployment problem
  B) to ensure equitable population redistribution relative to natural resources
  C) in deciding on the creation of more local government
  D) in providing a second basis for formulating development policy
  Show Answer
  The correct answer is D .
• Question 2836:

  

  In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

  Options:
  A) a drop in supply
  B) a rise in supply
  C) a supply- push inflation
  D) a stable supply curve
  E) an increase in quantity supplied
  Show Answer
  The correct answer is B .
• Question 2837: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .
• Question 2838: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .
• Question 2839: A state budget is an outline of planned Options:
  A) expenditures and revenues expected within a financial year
  B) expenditures of ministries and parastatals within a given period
  C) recurrent and capital expenditures within a year
  D) sources of revenues derivationn for a financial year
  E) use of different kinds of taxation in a given year
  Show Answer
  The correct answer is A .
• Question 2840:

  A rise in the market price of fixed interest securities is an indication that the

  Options:
  A) supply of money has decreased
  B) liquidity preference has increased
  C) market rate of interest has risen
  D) market rate of interest has fallen
  Show Answer
  The correct answer is D .