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 2941:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 2942:

  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 2943: One of the functions money is that, it helps? Options:
  A) detect frauds in matters of exchange
  B) postponed payments without loss of count
  C) store information about the valuation of an item
  D) record information about the valuation of an item
  Show Answer
  The correct answer is C .
• Question 2944: Monetization refers to the ratio of? Options:
  A) total transactions to monetary transactions
  B) monetary assets to total assets
  C) monetary transactions to total transactions
  D) money in circulation to total income
  Show Answer
  The correct answer is D .
• Question 2945:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  The table shows the wage distribution of workers.Calculate the mean wage

  Options:
  A) ₦7.40
  B) ₦4.00
  C) ₦10.00
  D) ₦14.80
  Show Answer
  The correct answer is A .
• Question 2946: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 2947: Which is of the following is NOT among the financial institutions in Nigeria? Options:
  A) Federal Mortgage Bank
  B) Microfinance Banks
  C) Insurance Banks
  D) Federal Ministry of Finance
  Show Answer
  The correct answer is D .
• Question 2948:

  Which of the following is not a direct tax?

  Options:
  A) capital gains tax
  B) purchase tax
  C) personal income tax
  D) capital tax
  Show Answer
  The correct answer is B .
• Question 2949:

  The Nigerian bank for commerce and industry is?

  Options:
  A) a commercial bank
  B) a development bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 2950: The age distribution of a country's population is of economic importance because it affects the? Options:
  A) pattern of expenditure
  B) size of the army
  C) optimum size of firms
  D) location of industries
  Show Answer
  The correct answer is A .