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 491: The purpose of conducting a census is to enable a country to Options:
  A) plan her capital inflow and outflow
  B) determine the optimum level of population
  C) determine the growth rate of population
  D) plan her growth and development
  Show Answer
  The correct answer is D .
• Question 492: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 493:

  Given two substitute goods (X and Y) with demand and supply function;

  Qd = 7p - 12

  Qs = 4p + 9

  Find the magnitude of excess demand when p = ₦18

  Options:
  A) 303
  B) 30
  C) 114
  D) 33
  Show Answer
  The correct answer is D .
• Question 494: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 495:

  

  The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

  Options:
  A) 2 units of rice
  B) 5 units of beans
  C) 17 units of rice
  D) 20 units of beans
  Show Answer
  The correct answer is A .
• Question 496: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 497: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 498: One of the challenges facing the banking industry in Nigeria is Options:
  A) ensuring technological security
  B) providing employment
  C) providing loans for investment
  D) creating more money
  Show Answer
  The correct answer is C .
• Question 499:

  One of the techniques of monetary control used by the central bank of Nigeria is

  Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 500: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
  Show Answer
  The correct answer is B .