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 71: Function of commercial banks do NOT include? Options:
  A) lending with interest charges
  B) carrying out transactions on behalf of customers
  C) expansion of money supply
  D) keeping of security document s for customers
  E) printing of currency
  Show Answer
  The correct answer is E .
• Question 72:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 73: The long-run average cost curve touches to the short-run average cost curves at the Options:
  A) minimum points of all short run average cost curves
  B) declining points of all short-run average cost curves
  C) minimum point of only one of the short-run cost curves
  D) rising points of all short-run average cost curves
  Show Answer
  The correct answer is D .
• Question 74:

  

  If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is B .
• Question 75: The activities in the oil and gas industry are classified into Options:
  A) exploration and transportation
  B) upstream and downstream
  C) discovery and extraction
  D) onshore and offshore
  Show Answer
  The correct answer is B .
• Question 76: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 77: A significant effect of the growth of the oil sector in Nigeria has been to? Options:
  A) increase the rate of unemployment
  B) diminish the percentage contribution of the agricultural sector to GNP
  C) slow down the pace of industrialization
  D) retard the rate of economic growth
  Show Answer
  The correct answer is B .
• Question 78:

  Institutions serving as links between surplus and deficit units can be identified as

  Options:
  A) tax officers
  B) pension offices
  C) financial intermediates
  D) acceptance houses
  Show Answer
  The correct answer is C .
• Question 79: If a government is running deficit, this means Options:
  A) A term of trade are unfavourable
  B) more project cannot be undertaken
  C) Tax inflow is greater than expenditure
  D) aggregate demand is greater than aggregate supply
  E) tax inflow is less than expenditure
  Show Answer
  The correct answer is E .
• Question 80: An important contribution of small-scale industries to the Nigerian economy is in the area of Options:
  A) technological development
  B) foregin exchange earnings
  C) raw materials processing
  D) labour employment
  Show Answer
  The correct answer is D .