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 1041: The fixing of the price of an item above or below the equilibrium price is most likely to take place in a? Options:
  A) centrally planned economy
  B) free market economy
  C) developed economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 1042:

  

  The flow labelled Y refers to

  Options:
  A) real income
  B) factor payment
  C) factor input
  D) national income
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  The correct answer is C .
• Question 1043:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 1044:

  The "velocity" of money is

  Options:
  A) The real money supply divided by the real GDP
  B) The money supply multiplied by the price level
  C) The money supply divided by the price level
  D) The ratio of real GDP to the real money supply
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  The correct answer is D .
• Question 1045: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
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  The correct answer is D .
• Question 1046: An effect of inflation is that it? Options:
  A) discourages trade by barter
  B) favours debtors at the expense of creditors
  C) increases the real income of salary earners
  D) increases the value of a country's exports
  Show Answer
  The correct answer is B .
• Question 1047: To perform its function as a store of wealth and standard for deferred payment, money must be Options:
  A) portable
  B) in attractive form
  C) stable in value
  D) spent more on capital goods than on consumer goods
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  The correct answer is C .
• Question 1048:

  Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?

  Options:
  A) Marginal propensity to save has fallen
  B) Actual investment had fallen
  C) Average propensity to invest has fallen
  D) Actual saving has fallen
  Show Answer
  The correct answer is A .
• Question 1049: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
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  The correct answer is C .
• Question 1050: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ? Options:
  A) debentures
  B) preference shares
  C) ordinary shares
  D) participating preference shares
  E) old shares
  Show Answer
  The correct answer is C .