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 381: Which of the following is NOT an advantage of tabular presentation of data? Options:
  A) Enables easy location of required figures
  B) Helps to calculate derived quantities
  C) Makes for easy comparison of figures
  D) Occupies more space than mathematical equation
  E) Shows whether the figures are increasing or decreasing
  Show Answer
  The correct answer is D .
• Question 382: All the following are problems identified with agriculture in West Africa except Options:
  A) land tenure system
  B) ignorance of the farmers
  C) use of crude implement
  D) provision of food for the teeming population
  Show Answer
  The correct answer is D .
• Question 383:

  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 384:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 385: Economic growth can be accelerated through? Options:
  A) balancing of savings and consumption
  B) postponement of current consumption
  C) planned current consumption
  D) increased current consumption
  Show Answer
  The correct answer is C .
• Question 386: Inflation is likely to benefit? Options:
  A) persons with bank savings
  B) persons employed in financial houses
  C) debtors
  D) persons who lived on fixed pension funds
  E) creditors
  Show Answer
  The correct answer is C .
• Question 387: Which of the following is not an asset of a commercial bank? Options:
  A) cash
  B) money at call
  C) treasury bills
  D) reserve funds
  E) loans and over-draft
  Show Answer
  The correct answer is B .
• Question 388: Which of the following strategies will provide more employment opportunities for Nigerians? Options:
  A) Investment in social services
  B) Industrialization
  C) Economics planning
  D) Eradication of illiteracy
  Show Answer
  The correct answer is B .
• Question 389:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 390:

  

  From the graph above, the price elasticity of demand is

  Options:
  A) unitarily elastic
  B) perfectly elastic
  C) perfectly inelastic
  D) fairly inelastic
  Show Answer
  The correct answer is C .