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 641:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 642: Which of the following can be regarded as a liability of a commercial bank? Options:
  A) advances
  B) deposits
  C) treasury bills
  D) overdrafts
  E) cash
  Show Answer
  The correct answer is B .
• Question 643: The major contribution of the petroleum industry to the Nigerian economy is the Options:
  A) generation of revenue for the oil companies
  B) provision of employment opportunities for communites
  C) generation of revenue for government
  D) promotion of industrial harmony
  Show Answer
  The correct answer is C .
• Question 644:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 645: Unemployment resulting from physical or mental deficiency is known as……………unemployment. Options:
  A) cyclical
  B) disguised
  C) Frictional
  D) residual
  E) Voluntary
  Show Answer
  The correct answer is D .
• Question 646: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 647: The main function of price mechanism is to? Options:
  A) limit consumer demand
  B) enable producers make profit
  C) allocate scarce resources among competing ends
  D) ensure consumer sovereignty
  Show Answer
  The correct answer is C .
• Question 648: The best way to reduce the supply of money in the economy is to? Options:
  A) increase the liquidity ratio
  B) increase the number of bank-notes and cheques produced
  C) decrease treasury bills
  D) liberalize access to credit
  Show Answer
  The correct answer is A .
• Question 649: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .
• Question 650: Idle cash balances are held for Options:
  A) planned purchases
  B) the purchase of bonds
  C) the purchase of shares
  D) unplanned purchases
  Show Answer
  The correct answer is D .