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 1911: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .
• Question 1912: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 1913:

  The Nigerian bank for commerce and industry is?

  Options:
  A) a commercial bank
  B) a development bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 1914: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 1915: As long as marginal utility is positive, total utility must be Options:
  A) negative
  B) increasing
  C) zero
  D) decreasing
  Show Answer
  The correct answer is B .
• Question 1916: The central bank controls the activities of other banks by all but one of the following Options:
  A) The use of bank rate
  B) The purchase or sale of government bonds on the open market
  C) special deposite
  D) the use of directives
  E) taxation
  Show Answer
  The correct answer is E .
• Question 1917: Which of the following causes of inflation is related to demand-pull inflation? Options:
  A) Low productivity on farms and in firms
  B) Poor storage facilities
  C) Poor distribution system
  D) Increase in expenditure on construction
  Show Answer
  The correct answer is A .
• Question 1918: The value of money depends primarily on? Options:
  A) the gold backing of the currency
  B) the gold backing of both currency and deposit
  C) the general price level
  D) government decree that it is legal tender
  E) none of the above
  Show Answer
  The correct answer is C .
• Question 1919: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 1920: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .