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 1: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
  Show Answer
  The correct answer is B .
• Question 2: which of the following is an important function of the retailer? Options:
  A) Grant credit to the wholesaler
  B) Breaks bulk and sales product in small units
  C) Reduces cost of distribution
  D) Generates demand for production through advertisement
  Show Answer
  The correct answer is B .
• Question 3:

  Public corporation is financed with

  Options:
  A) Capital raised from shareholders
  B) Tax payer's money
  C) Capital raised from stock exchange
  D) Capital contributed by owners
  Show Answer
  The correct answer is B .
• Question 4: One of the important features of perfect competition is_____? Options:
  A) Adequate knowledge of existing prices
  B) The influence on prices by individual economic units
  C) The restriction in terms of movement of goods and services
  D) The administration of a centralized price system
  Show Answer
  The correct answer is A .
• Question 5:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 6:

  Poverty simply refers to the low level of________

  Options:
  A) planning
  B) per capita income
  C) rich people
  D) labour face
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  The correct answer is B .
• Question 7: Marginal cost curve intersects average cost curve ? Options:
  A) from above at its lowest point
  B) from below before the lowest point
  C) from below at its lowest point
  D) from below after the lowest point
  E) at zero point
  Show Answer
  The correct answer is C .
• Question 8:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 9: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 10: Which of the following set of statistical tools is used for further economic analysis? Options:
  A) the median and standard deviation
  B) the mean and mode
  C) the mean and standard deviation
  D) the mode and median
  Show Answer
  The correct answer is B .