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 711: Which of the following is NOT a positive contribution a petroleum to Nigeria economy? Options:
  A) Development of bat infrastructures
  B) Increase in National income
  C) Major employer of labour
  D) Major foreign exchange earned
  E) Turning the nation to mono-product economy
  Show Answer
  The correct answer is E .
• Question 712: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 713: Which of the following is NOT an advantage of localization of industries? Options:
  A) Reaping of external economies
  B) Development of a pool or skilled labour for industry
  C) Development of subsidiary industries
  D) Development of organized markets
  E) Growth of conurbations
  Show Answer
  The correct answer is E .
• Question 714: A modern corporation is owned by? Options:
  A) debenture holders
  B) ordinary shareholders
  C) preference shareholders
  D) creditors
  Show Answer
  The correct answer is B .
• Question 715: In Nigeria, unemployment can be minimized through______? Options:
  A) Diversification of the economy
  B) Strict immigration law
  C) Paying unemployment benefits
  D) Restrictive fiscal policy
  Show Answer
  The correct answer is A .
• Question 716: A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that? Options:
  A) both price and quantity will increased
  B) only price increases
  C) only quantity increases
  D) the price remains constant
  E) the price falls
  Show Answer
  The correct answer is A .
• Question 717:

  Consider the following statements:

    1. Climate and availability of water largely determines the pattern of the population distribution.

    2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

    Which of the statement(s) given above is/are correct

  Options:
  A) Only 1
  B) Only 2
  C) Both 1 and 2
  D) Neither 1 nor 2
  Show Answer
  The correct answer is C .
• Question 718:

  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 719: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 720: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .