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 351:

  An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

  Options:
  A) monetary policy
  B) fiscal policy
  C) credit ceiling
  D) open market operation
  Show Answer
  The correct answer is C .
• Question 352: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 353: Opportunity cost is an economic concept which describes the? Options:
  A) monetary equivalent of the utility of a commodity
  B) amount of time or money invested on a commodity
  C) sacrifice made for the satisfaction of a want
  D) cost of retaining an optimum level of production of commodities
  Show Answer
  The correct answer is C .
• Question 354: In a perfectly competitive market, the firm is in long-run equilibrium at the output where? Options:
  A) marginal cost is minimum
  B) average cost is minimum
  C) total cost is minimum
  D) marginal cost revenue is maximum
  Show Answer
  The correct answer is B .
• Question 355:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 356: A major assumption in a perfectly competitive market is that Options:
  A) the number of buyers and sellers is small
  B) individuals cannot influence prices
  C) the quality of products remains the same
  D) prices will always remain constant
  Show Answer
  The correct answer is B .
• Question 357: Which of the following is not an indirect tax? Options:
  A) excise duty
  B) company tax
  C) import duty
  D) export duty
  E) sales tax
  Show Answer
  The correct answer is B .
• Question 358:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 359:

  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 360: If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is Options:
  A) elastic
  B) perfectliy inelastic
  C) inelastic
  D) perfect elastic
  Show Answer
  The correct answer is C .