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 1191: A capitalist economy is one characterized by the? Options:
  A) private ownership of factors of production
  B) ownership of factors of production by rich members of the society
  C) use of capital and labour in fixed proportions during production
  D) use of capital intensive methods of production
  Show Answer
  The correct answer is A .
• Question 1192:

  The full meaning of NAPEP is?

  Options:
  A) National Poverty Eradication Programme
  B) National Agency for Poverty and Education Program
  C) National Air Pollution and Environmental Purification
  D) None of the above
  Show Answer
  The correct answer is A .
• Question 1193: One of the goals of development plans in Nigeria is to Options:
  A) increase the profitability of multinational businesses
  B) improve the country's GDP
  C) achieve higher standard of living for the citizens
  D) deregulate the economy
  Show Answer
  The correct answer is C .
• Question 1194: Which sector can you say is growing fastest in the Nigeria economy? Options:
  A) Agriculture
  B) Industry
  C) Education
  D) Transport
  E) Labour
  Show Answer
  The correct answer is C .
• Question 1195: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 1196: The main function of the price system is to? Options:
  A) distribute resources equally among competing ends
  B) ensure efficient allocation of resources in the economic system
  C) allocate goods and services equally
  D) minimize cheating
  Show Answer
  The correct answer is B .
• Question 1197: If MPC = 2/3 and investment is N100 million, the level of national income is Options:
  A) N100 million
  B) N10 million
  C) N303 million
  D) N300 million
  Show Answer
  The correct answer is D .
• Question 1198: What is the effect of inelastic demand for agricultural products on the income of a farmer? Options:
  A) A price rise results in its fall
  B) A price fall results in its fall
  C) A price fall results in its rise
  D) A price rise leaves the income unchanged
  Show Answer
  The correct answer is A .
• Question 1199: The import-substitution strategy of industrialization is to encourage Options:
  A) domestic production
  B) large-scale production
  C) importation
  D) exportation
  Show Answer
  The correct answer is A .
• Question 1200: Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas? Options:
  A) The deregulation of the banking system
  B) The increase in the number of merchant banks
  C) The community banking scheme
  D) The deregulation of interest rate
  Show Answer
  The correct answer is C .