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 301: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
  Show Answer
  The correct answer is A .
• Question 302: Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria? Options:
  A) A more even development of the different parts of the country will be assured
  B) There will be an unbalanced spread in the distribution of industries
  C) The less developed parts of the country will be able to attract more industries
  D) Only the government will be able to finance the establishment of industries
  Show Answer
  The correct answer is B .
• Question 303: A sustained increase in the production of goods and service in a country is called economic? Options:
  A) development
  B) growth
  C) diversification
  D) planning
  Show Answer
  The correct answer is B .
• Question 304: Given a base year and the price index of 175% the following year, which of the following year will arise? Options:
  A) The cost of living decreases of that year
  B) The cost of living remains unchanged
  C) The value of money rises by 75%
  D) The value of money falls by 75%
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  The correct answer is A .
• Question 305:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .
• Question 306: People hold money for? Options:
  A) charity
  B) safe keeping
  C) profit making
  D) speculative purposes
  Show Answer
  The correct answer is D .
• Question 307: One of the major factors that brings about changes in supply is Options:
  A) market discrimination
  B) availability of storage facilities
  C) the cost of storage
  D) incentives granted to workers
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  The correct answer is C .
• Question 308:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  What is the percentage increasein GNP between year 1 and year 2?

  Options:
  A) 3.5.0%
  B) 14.0%
  C) 20.0%
  D) 35.0%
  Show Answer
  The correct answer is D .
• Question 309:

  An economy in which the whole income is not consumed is referred to as______

  Options:
  A) Frugal economy
  B) Spend thrift economy
  C) Capitalist economy
  D) Mixed economy
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  The correct answer is A .
• Question 310:

  

  If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is B .