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 631: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .
• Question 632: The most dominant economic activity which employs the largest number of people in West Africa is? Options:
  A) manufacturing
  B) transport
  C) government
  D) agriculture
  E) the petroleum industry
  Show Answer
  The correct answer is D .
• Question 633: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 634:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 635:

  Price per tin	Demand per week	Supply per week
  ₦6	0 tins	45 tins
  ₦5	5 tins	35 tins
  ₦4	10 tins	25 tins
  ₦3	15 tins	15 tins
  ₦2	20 tins	5 tins
  ₦1	25 tins	0 tins

  Market for Garri: At a price of ₦5, the excess supply is`

  Options:
  A) 30 tins per week
  B) 45 tins per week
  C) 15 tins per week
  D) 20 tins per week
  E) indeterminate
  Show Answer
  The correct answer is A .
• Question 636: When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is Options:
  A) competitive demand
  B) complementary demand
  C) composite demand
  D) derived demand
  E) independent demand
  Show Answer
  The correct answer is A .
• Question 637: Which of the following classes of goods accounts for largest proportion of Nigeria's imports? Options:
  A) Food and animal products
  B) Consumers goods
  C) Chemicals
  D) Machinery and transport equipment
  Show Answer
  The correct answer is D .
• Question 638: Which of the following is NOT a major role of OPEC in production, and marketing of petroleum? Options:
  A) Coordinating and unifying petroleum policies of member countries
  B) Ensuring efficient and regular supply of oil to the two market
  C) Raising the revenue of member countries from oil through price increase
  D) Refining of petroleum products in member countries
  E) Stabilizing oil prices putting a production ceiling
  Show Answer
  The correct answer is D .
• Question 639:

  

  The curve labelled x is the

  Options:
  A) total revenue curve
  B) total product curve
  C) marginal product curve
  D) marginal revenue curve
  Show Answer
  The correct answer is B .
• Question 640: Non-bank financial intermediaries do not? Options:
  A) provide credit facilities
  B) accept deposits
  C) accept demand deposits
  D) sell shares
  Show Answer
  The correct answer is C .