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 461:

  A measure for preventing the external value of the Naira from falling is for the government to

  Options:
  A) increase its spending with foreign reserve
  B) sell its own currency
  C) reduce interest rate
  D) buy its currency with foreign reserve
  Show Answer
  The correct answer is D .
• Question 462: The reduction of high fertility rate is a measure in population control designed to make the? Options:
  A) female population higher than the male
  B) female and male population equal
  C) male population higher than the female
  D) growth in population more sustainable
  Show Answer
  The correct answer is D .
• Question 463: 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 464: Which of the following is a direct tax? Options:
  A) Sales tax
  B) Purchase tax
  C) Export duties
  D) property tax
  Show Answer
  The correct answer is D .
• Question 465: A production possibility curve shows? Options:
  A) how much of the resources of society are used to produce a particular commodity
  B) the rate of inflation
  C) the rate of unemployment in the economy
  D) the various combinations of two commodities that can be produced
  Show Answer
  The correct answer is D .
• Question 466: Import substitution policy is used to Options:
  A) protect local industries
  B) check government expenditure
  C) correct the balance of payments problem
  D) encourage increased volume of trade
  Show Answer
  The correct answer is C .
• Question 467:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 468: Taxes and government expenditures are instrument of? Options:
  A) monetary policy
  B) tax policy
  C) economic policy
  D) fiscal policy
  Show Answer
  The correct answer is D .
• Question 469: It is impossible to satisfy all human wants because? Options:
  A) areas of fertile land are very limited
  B) oceans and seas limit land space for farming
  C) resources are not equitably distributed
  D) available resources are limited
  Show Answer
  The correct answer is D .
• Question 470: If all factors are variable in the long run,firms will experience Options:
  A) decreasing returns to scale
  B) increasing returns to scale
  C) diminishing returns
  D) economies of scale
  Show Answer
  The correct answer is B .