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 511: Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00? Options:
  A) N100.00
  B) N1,000.00
  C) N9,000.00
  D) N10,000.00
  Show Answer
  The correct answer is D .
• Question 512:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 513: If government increases in its expenditure on public works, the desired effect is Options:
  A) a reduction in the use of capital equipment
  B) an increase in the level of emploment
  C) an increase in the level of inflation
  D) an increase in the use of capital equipment
  Show Answer
  The correct answer is A .
• Question 514:

  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 515: Double counting is a problem in computing national income when using the Options:
  A) expenditure method
  B) income method
  C) output method
  D) value-added method
  Show Answer
  The correct answer is D .
• Question 516: The major function of money market is to Options:
  A) provide funds for long-term financing
  B) provide funds short-term financing
  C) stabilize the value of the local currency
  D) stabilize domestic prices
  Show Answer
  The correct answer is B .
• Question 517: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 518: If the demand for a good is more elastic than its supply, the tax burden is borne Options:
  A) equally by consumers and producers
  B) more by producers
  C) more by consumers
  D) more by retailers and producers
  Show Answer
  The correct answer is B .
• Question 519:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 520: Which of the following is NOT a measure for controlling inflation? Options:
  A) Reduction in money supply
  B) Wage restraint and wage freeze
  C) Reduction in taxes and increase in government spending
  D) price control
  E) Credit restriction
  Show Answer
  The correct answer is C .