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 1311: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
  Show Answer
  The correct answer is A .
• Question 1312: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 1313: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
  Show Answer
  The correct answer is A .
• Question 1314: 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 .
• Question 1315: By using exchange controls, a country tries to eliminate a balance of payments deficit by? Options:
  A) limiting her imports to its currency value of exports
  B) reducing the nation's domestic price level
  C) limiting her exports to its currency value of imports
  D) overvaluing the country's currency
  Show Answer
  The correct answer is A .
• Question 1316:

  

  The graphs illustrate

  Options:
  A) joint demand
  B) derived demand
  C) composite demand
  D) competitive demand
  Show Answer
  The correct answer is D .
• Question 1317: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 1318: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 1319: Which of the following is the standard concept for measuring and analyzing population growth? Options:
  A) The rate of natural increase
  B) The net migrate
  C) The rate of population increase
  D) The fertility rate
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 1320: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .