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 1691: A major cause of the slow pace of industrialization in Nigeria is inadequate Options:
  A) raw materials
  B) landmass
  C) skilled labour
  D) communal labour
  Show Answer
  The correct answer is C .
• Question 1692: Industries for consumer goods are concentrated in urban centers as a result of Options:
  A) large market
  B) power supply
  C) government policy
  D) weather conditions
  Show Answer
  The correct answer is A .
• Question 1693: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .
• Question 1694:

  The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .
• Question 1695: If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is Options:
  A) N 214 million
  B) N 45 million
  C) N 105 million
  D) N 500 million
  Show Answer
  The correct answer is D .
• Question 1696: A major reason for having national development plans is to Options:
  A) ensure efficient use of available resources
  B) involve people in national programmes
  C) make government spend more on production
  D) ensure that more citizens are involved in planning
  Show Answer
  The correct answer is A .
• Question 1697: If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in Options:
  A) government expenditure
  B) savings
  C) interest rates
  D) exchange rates
  Show Answer
  The correct answer is D .
• Question 1698:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 1699: One`of the limitations PPC assumption is that there is Options:
  A) no indication of technological development
  B) no recognition of preferred goods for countries
  C) technical inefficiency
  D) abundant resources
  Show Answer
  The correct answer is B .
• Question 1700: The Central Bank instrument of control does NOT include Options:
  A) open market operation
  B) moral sanctions
  C) reverse requirements
  D) selective credit control
  E) printing bank-notes
  Show Answer
  The correct answer is B .