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: An increase in an economy's productive capacity implies? Options:
  A) an increase in the economy's rate of capital replacement
  B) an increase in the economy's capital stock
  C) a decrease in government spending
  D) an increase in government spending
  Show Answer
  The correct answer is B .
• Question 2:

  Which of the following is not emphasized in a product possibility curve?

  Options:
  A) Scarcity of resources
  B) Economic development
  C) Inefficiency in the use of resources
  D) Unemployment of labour
  Show Answer
  The correct answer is D .
• Question 3: Insurance companies invest mainly in instruments trade on the? Options:
  A) capital market
  B) Money market
  C) commodity market
  D) open market
  Show Answer
  The correct answer is A .
• Question 4: The effect of changes in the condition of demand on a demand schedule with the price constant is? Options:
  A) A movement along the demand curve
  B) deflation of the demand curve
  C) hyperbola formation by the demand curve
  D) shift of the demand curve
  Show Answer
  The correct answer is D .
• Question 5:

  Real cost is

  Options:
  A) Alternative commodities forgone
  B) Amount of money spent on goods and services
  C) Cost of goods and services
  D) True cost
  Show Answer
  The correct answer is C .
• Question 6:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 7: Which is of the following is NOT among the financial institutions in Nigeria? Options:
  A) Federal Mortgage Bank
  B) Microfinance Banks
  C) Insurance Banks
  D) Federal Ministry of Finance
  Show Answer
  The correct answer is D .
• Question 8:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 9: Development outside a given firm which reduce the firm costs are called? Options:
  A) internal economies
  B) external economies
  C) external diseconomies
  D) optimum effects
  Show Answer
  The correct answer is B .
• Question 10: Banks aid economic expansion and development by? Options:
  A) being very strict in lending policies
  B) mobilizing savings for investment lending
  C) paying interest on deposit accounts
  D) charging high interest on loans
  Show Answer
  The correct answer is B .