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 721:

  The Economic Commission for Africa was set up by the_________

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 722:

  A method of analysis that draws conclusions from data rather than general Principles already known is________

  Options:
  A) Deductive reasoning
  B) Inductive reasoning
  C) Normative reasoning
  D) Positive reasoning
  Show Answer
  The correct answer is B .
• Question 723:

  The money market equilibrium is defined as_________

  Options:
  A) when the demand and supply of money are equal
  B) when demand is greater than supply of money
  C) when demand is less than supply of money
  D) when supply is greater than demand for money
  Show Answer
  The correct answer is A .
• Question 724: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .
• Question 725: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .
• Question 726: 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 727:

  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 728: Invisible trade refers to trade in? Options:
  A) services
  B) goods and services
  C) tangible goods
  D) short-term and long-term capital
  E) goods that cannot be seen
  Show Answer
  The correct answer is E .
• Question 729: Deficit financing is mostly facilitated by the existence of? Options:
  A) stock exchange market
  B) commercial bank
  C) central bank
  D) capital market
  Show Answer
  The correct answer is C .
• Question 730: investing heavily in the agricultural sector will lead to Options:
  A) sufficient food production
  B) a vibrant commodity market
  C) capital inflow
  D) stable export prices
  Show Answer
  The correct answer is A .