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 2851: A movement along the same demand curve is caused by the Options:
  A) price of the product
  B) price of other products
  C) income of the consumer
  D) taste of the consumer
  Show Answer
  The correct answer is A .
• Question 2852: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .
• Question 2853: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 2854: In Nigeria, the distribution of job opportunities Options:
  A) balanced budgeting
  B) deficit budgeting
  C) surplus budgeting
  D) zero budgeting
  Show Answer
  The correct answer is B .
• Question 2855: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 2856:

  If wage rate is less than the average revenue product, the firms would be earning________

  Options:
  A) loss
  B) super normal profit
  C) normal profit
  D) higher revenue
  Show Answer
  The correct answer is B .
• Question 2857: Derived demand is normally used with reference to Options:
  A) superior goods
  B) inferior goods
  C) the cost of production
  D) the factors of production
  Show Answer
  The correct answer is D .
• Question 2858: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 2859: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B .
• Question 2860:

  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 .