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 271: The rate of interest change on loans depends largely on Options:
  A) the prevailing exchange rate
  B) marginal efficiency of capital
  C) the risk associated with the loan
  D) the prevailing tax rate
  Show Answer
  The correct answer is C .
• Question 272: The Malthusian theory of population growth is often said to be? Options:
  A) ambiguous
  B) oversimplified
  C) pessimistic
  D) optimistic
  Show Answer
  The correct answer is C .
• Question 273: In modern economies, the Malthusian theory of population is ineffective because of Options:
  A) birth control measures
  B) technical progress
  C) government policies
  D) natural disasters
  Show Answer
  The correct answer is B .
• Question 274: A persistent rise in the prices of inputs will lead to Options:
  A) hyperinflation
  B) stagflation
  C) cost-push inflation
  D) demand-pull inflation
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  The correct answer is C .
• Question 275: 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 276: One of the roles of NNPC in the production and refining of crude oil is to? Options:
  A) secure maximum government revenue and regulate price
  B) prevent the smuggling of petroleum products
  C) satisfy the domestic consumption of petroleum products
  D) protect the local operators in the petroleum industry
  Show Answer
  The correct answer is C .
• Question 277:

  An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________

  Options:
  A) Increase; decrease
  B) Decrease; decrease
  C) Increase; increase
  D) Decrease; increase
  Show Answer
  The correct answer is C .
• Question 278:

  Agriculture accounts for about 60% of the

  Options:
  A) commodity market in West Africa
  B) arable land in West Africa
  C) active labour force in West Africa
  D) service sector activities in West Africa
  Show Answer
  The correct answer is C .
• Question 279:

  Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

  Options:
  A) Partnership
  B) Sole proprietorship
  C) Public limited liability company
  D) Private limited liability company
  Show Answer
  The correct answer is C .
• Question 280: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
  Show Answer
  The correct answer is A .