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 591:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 592: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 593: Which of these is NOT a basic economic problem of society? Options:
  A) efficiency of resource use
  B) for whom to produces
  C) how to produce
  D) scale of production
  E) what to produce
  Show Answer
  The correct answer is A .
• Question 594: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 595: Excess demand inflation can be controlled through? Options:
  A) contractionary fiscal policy
  B) contractionary trade policy
  C) expansionary fiscal policy
  D) expansionary monetary policy
  Show Answer
  The correct answer is A .
• Question 596:

  The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is

  Options:
  A) Perfectly elastic
  B) Infinitely elastic
  C) Inelastic
  D) Perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 597: The characteristic of entry and exit ensures that firms Options:
  A) earn excess profit
  B) earn normal profit
  C) break-even
  D) expand their operations
  Show Answer
  The correct answer is B .
• Question 598:

  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 599:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 600:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .