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 1481: Population density refers to? Options:
  A) densely populated urban centres
  B) the total area divided by the total population
  C) densely populated rural areas
  D) the total population divided by the total area
  Show Answer
  The correct answer is D .
• Question 1482:

  The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

  Options:
  A) Commercial bank
  B) Central bank
  C) Mortgage bank
  D) Merchant bank
  Show Answer
  The correct answer is B .
• Question 1483:

  The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

  Options:
  A) there were 80,000 live births in the country
  B) there were 6,400 live births in the country
  C) there were 8 live births to every 100 women in working-class families
  D) 8 in every 1000 women of 21 - 45 gave birth to a live child
  Show Answer
  The correct answer is A .
• Question 1484: 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 1485:

  The lands that belong to the community is referred to as__________

  Options:
  A) sacred land
  B) individual land
  C) communal land
  D) rent land
  Show Answer
  The correct answer is C .
• Question 1486:

  Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.

  Ii A large market industries producing under condition of decreasing cost.

  Iii Competition for home based monopoly firms

  Options:
  A) i and ii only
  B) i and iii only
  C) ii and iii only
  D) i,ii and iii
  Show Answer
  The correct answer is A .
• Question 1487: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 1488:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 1489: A measure of national income used as comparison of standard of living among nations is Options:
  A) net national product
  B) gross domestic product
  C) gross national product
  D) per capita income
  Show Answer
  The correct answer is D .
• Question 1490:

  An ad valorem tax is imposed on_____?

  Options:
  A) Exports
  B) Imports
  C) The Value of a Commodity
  D) Special Commodities
  Show Answer
  The correct answer is C .