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 951:

  If inflation is anticipated, people may

  Options:
  A) save more money
  B) spend more money
  C) give out more loans
  D) spend less money
  Show Answer
  The correct answer is B .
• Question 952: The African Development Bank was set up in 1964 and has its headquarters in Options:
  A) Burkina Faso
  B) Ivory Coast
  C) Liberia
  D) Niger Republic
  E) Senegal
  Show Answer
  The correct answer is B .
• Question 953: Which of the following is NOT a reason for the absence of an industry in the rural areas? Options:
  A) Absence of financial institution
  B) restricted market
  C) inadequate power and water supply
  D) inadequate transportation
  E) presence of external economies
  Show Answer
  The correct answer is A .
• Question 954: 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 955: If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is? Options:
  A) W -P - R - Z
  B) W + P + Z - R
  C) P - R - Z + W
  D) W + P + R + Z
  Show Answer
  The correct answer is D .
• Question 956: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .
• Question 957: Derived demand is normally used with reference to Options:
  A) superior goods
  B) inferior goods
  C) the cost of production
  D) the factors of production
  Show Answer
  The correct answer is D .
• Question 958:

  When a member's currency is declared "scarce", it is the duty of the IMF to______

  Options:
  A) suspend the member state indefinitely
  B) ban all exports from that state
  C) suspend dealings in that currency for one year
  D) ration it among the countries demanding it
  Show Answer
  The correct answer is D .
• Question 959:

  An economy in which the whole income is not consumed is referred to as______

  Options:
  A) Frugal economy
  B) Spend thrift economy
  C) Capitalist economy
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 960: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .