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 681: If a country has a balance of payments surplus on current account, this meansthat? Options:
  A) total invisible export is greater than invisible import
  B) the value of goods exported must be greater than the value of goods imported
  C) there must be a positive balance of capital account
  D) the aggregate of the balance of trade and the invisible balance must be positive
  Show Answer
  The correct answer is D .
• Question 682: The quantity theory of money states that a reduction in the quantity of money in circulation would bring about Options:
  A) A constant change in price
  B) A rise in prices
  C) An unequal fall in prices
  D) A proportionate fall in price
  Show Answer
  The correct answer is A .
• Question 683: A commercial bank can create money by Options:
  A) issuing currency
  B) increasing cash ratio
  C) issuing cheque
  D) lending to borrowers
  Show Answer
  The correct answer is D .
• Question 684: If technology becomes less capital-intensive, it means? Options:
  A) an increase in the capital/labour ratio
  B) an increase in the capital/ratio
  C) a fall in the labour/capital ratio
  D) increased unemployment
  Show Answer
  The correct answer is B .
• Question 685: Which of the following BEST describes the production function? Options:
  A) it indicates best output to produce
  B) it relates naira inputs to naira output
  C) it relates physical outputs to physical inputs
  D) it indicates the best way to combine factors to produce given output
  Show Answer
  The correct answer is C .
• Question 686: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
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  The correct answer is A .
• Question 687:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 688: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 689: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 690:

  

  The percentage contribution of the transport sector is:

  Options:
  A) 600.0
  B) 166.7
  C) 60.0
  D) 16.7
  Show Answer
  The correct answer is D .