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: Which is NOT a direct effort to increase Agricultural production in Nigeria? Options:
  A) Operation feed the Nation
  B) Nigerian Youth Service Corps
  C) Increased loans to farmers and cooperatives
  D) Research in Agric & Extension services
  E) Mechanization of Agriculture
  Show Answer
  The correct answer is B .
• Question 352: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 353: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .
• Question 354: National Income estimates can be used to? Options:
  A) differentiate between the rich and the poor in a country
  B) prepare a country's annual budget
  C) protect the level of a country's economic develompent
  D) compare a country's growth rate with that of another over a period of time
  Show Answer
  The correct answer is D .
• Question 355: If a person demands money for buying and selling securities. It is referred as demanding money for Options:
  A) Transaction purposes
  B) Speculative purposes
  C) Precautionary purposes
  D) Meeting the educational expenses of the children
  E) Carrying out gambling activities
  Show Answer
  The correct answer is B .
• Question 356: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 357: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 358: In many developing countries, infrastructural problems is acute due to the shortage of? Options:
  A) industries and industrial equipment
  B) savings, investment and consumption
  C) natural resources for development
  D) supporting services that encourage economic activities
  Show Answer
  The correct answer is D .
• Question 359: Which of the following causes of inflation is related to demand-pull inflation? Options:
  A) Low productivity on farms and in firms
  B) Poor storage facilities
  C) Poor distribution system
  D) Increase in expenditure on construction
  Show Answer
  The correct answer is A .
• Question 360: Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) Concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introduction of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .