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 61: The Nigerian economy is mono-cultural because government revenue is derived mainly from? Options:
  A) agriculture
  B) manufacturing
  C) coal
  D) crude oil
  Show Answer
  The correct answer is D .
• Question 62: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 63: Monetary policy does NOT involve Options:
  A) increasing the import duties
  B) buying or selling treasury bills by the Central Bank
  C) printing of more currency note
  D) increasing or decreasing cash reserve ratio by the Central Bank
  E) raising the level of interest
  Show Answer
  The correct answer is A .
• Question 64: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 65: The theory of comparative advantage states that a commodity should be produced in that nation where the Options:
  A) Absolute cost is least
  B) Absolute money cost is least
  C) Opportunity cost is least
  D) Production possibility curve increases
  Show Answer
  The correct answer is C .
• Question 66: When a consumer is at equilibrium, the MRS_xy is equal to the Options:
  A) sum of the prices
  B) product of the two prices
  C) ratio of the two prices
  D) difference of the two prices
  Show Answer
  The correct answer is A .
• Question 67: An important factor hindering the rapid development of the industrial sector in Nigeria is Options:
  A) rural-urban migration
  B) excessive demand for finished products
  C) inadequate infrastructural facilities
  D) the dominace of the oil sector
  Show Answer
  The correct answer is C .
• Question 68: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 69: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age? Options:
  A) money is regarded as a medium of exchange
  B) measure for value
  C) unit of account
  D) store of value
  E) standard for deferred payments
  Show Answer
  The correct answer is D .
• Question 70: Which of the following enterprises does NOT pursue the sole objective of profit maximization? Options:
  A) Roads of Nigeria Ltd
  B) Union Bank of Nigeria Ltd
  C) Nigeria Electric Power Authority
  D) Volkswagen (VW) Nigeria Ltd
  E) Kingsway Nigeria Ltd
  Show Answer
  The correct answer is C .