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 431:

  To control inflation, the monetary authorities of a country can

  Options:
  A) reduce taxes
  B) advise the government to increase its expenditure
  C) engage in expansive monetary policies
  D) engage in restrictive monetary policies
  Show Answer
  The correct answer is D .
• Question 432: One problem in the marketing of agricultural products in Nigeria is? Options:
  A) the seasonal nature of the commodities
  B) high price of the commodities
  C) the changing tastes of consumers
  D) inadequate storage facilities
  Show Answer
  The correct answer is D .
• Question 433: The total stock of money available for use in an economy is Options:
  A) supply of money
  B) value of money
  C) demand for money
  D) attribute of money
  Show Answer
  The correct answer is A .
• Question 434: Infant industries denote industries which? Options:
  A) are introducing new products
  B) are too young to compete in the world market
  C) produce baby food and mother care products
  D) are allowed time enough to mature for recognition
  Show Answer
  The correct answer is B .
• Question 435:

  Factors affecting size of Labour Force include the following EXCEPT?

  Options:
  A) Level of technology
  B) Retirement age
  C) Government policies
  D) Trade Union activities
  Show Answer
  The correct answer is A .
• Question 436:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  From the table, it can be deduced that_______

  Options:
  A) Nigeria should produce cocoa and lace
  B) Nigeria can benefit from producing lace only
  C) Austria should produce lace and Nigeria should produce cocoa
  D) Austria should produce cocoa and lace
  Show Answer
  The correct answer is C .
• Question 437: Which of the following is inflationary? Options:
  A) An increase in taxation
  B) An increase in savings
  C) A decrease in money supply
  D) An increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 438:

  A condition in which official and autonomous exchange rate coexist is

  Options:
  A) dual exchange rate system
  B) managed floating rate system
  C) market determined exchange rate system
  D) multiple exchange rate system
  Show Answer
  The correct answer is A .
• Question 439: Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is? Options:
  A) N 1.5 m
  B) N 2.0m
  C) the house
  D) the car
  Show Answer
  The correct answer is C .
• Question 440:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  The multiplier is

  Options:
  A) 8
  B) 4
  C) 3
  D) 2
  Show Answer
  The correct answer is D .