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 611: The most acceptable economic measure for trade protection is to? Options:
  A) improve standards of living
  B) protect infant industries
  C) safegard strategic industries
  D) promote foreign trade
  Show Answer
  The correct answer is B .
• Question 612: When Elasticity of Demand is greater than one, the demand is Options:
  A) perfectly elastic
  B) unitary elastic
  C) zero elastic
  D) inelastic
  E) elastic
  Show Answer
  The correct answer is E .
• Question 613: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .
• Question 614: Social overhead capital refers to? Options:
  A) balanced growth
  B) gross investment
  C) the building of infrastructures
  D) capital formation
  Show Answer
  The correct answer is C .
• Question 615:

  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 616: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 617: The rate of exchange between a domestic and a foreign currency is defined as the? Options:
  A) terms of trade
  B) domestic currency price of a unit of the foreign currency
  C) foreign currency price of gold
  D) domestic currency price of gold
  Show Answer
  The correct answer is B .
• Question 618:

  The term M ${}^3$ comprises M ${}^1$ together with deposits on deposit account held by_______

  Options:
  A) banks only
  B) discount houses only
  C) banks and discount houses
  D) banks, discount houses and stock, exchanges
  Show Answer
  The correct answer is C .
• Question 619: An important function of the price system is to Options:
  A) ensure that producers' profits remain high
  B) guarantee full employment of resources
  C) allocate resources to most productive uses
  D) protect the economic interests of government
  Show Answer
  The correct answer is D .
• Question 620:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .