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 321:

  One major criticism of foreign aid to developing countries is that it

  Options:
  A) Gives too much power and control to world bank
  B) Encourages growth in government bureaucracy
  C) Is capital using rather than capital saving
  D) Provides incentives for capital flight
  Show Answer
  The correct answer is C .
• Question 322: A deficit balance of payments is measured by subtracting the debits from the credits in the Options:
  A) current account
  B) current and capital accounts
  C) current and escrow accounts
  D) capital and escrow accounts
  Show Answer
  The correct answer is D .
• Question 323: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 324: Which of the following is an indirect tax? Options:
  A) Poll tax
  B) personal income tax
  C) Company tax
  D) excise duties
  Show Answer
  The correct answer is D .
• Question 325:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 326: The function of moneyas a standard of deferred payments Options:
  A) Make possible for an individual to build up store of many things for future use
  B) Makes it possible for payment to be postponed from the present to a future date
  C) Facilitate the exchange of goods
  D) Makes easy calculations possible
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 327: Inflation which is caused mainly increases in the prices of factors of production is described as? Options:
  A) cost-push inflation
  B) demand-pull inflation
  C) crawling inflation
  D) spiral inflation
  Show Answer
  The correct answer is A .
• Question 328:

  

  From the diagram above, a shift in the demand curve from D_oD_o to D₁D₁ implies

  Options:
  A) a rise in the demand for the commodity
  B) a fluctuation in the demand for the commodity
  C) a fall in the demand for the commodity
  D) an equilibrrium in the demand for the commodity
  Show Answer
  The correct answer is A .
• Question 329: In capitalist economies, questions about what to produce are ultimately answered by Options:
  A) income level of households
  B) available technical skills in the economy
  C) output decisions of firms
  D) holding decision of households
  Show Answer
  The correct answer is C .
• Question 330: The role of the Central Bank in the economic development of Nigeria is to Options:
  A) give short-and medium-term loans to the public
  B) give financial and technical advice to customers
  C) use cheques and bankdrafts to faciliate business transactions
  D) maintain a stable price system
  Show Answer
  The correct answer is D .