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 101: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 102:

  

  What type of price elasticity of demand is the diagram above representing?

  Options:
  A) perfectly inelastic demand
  B) perfectly elastic demand
  C) fairly elastic demand
  D) composite demand
  Show Answer
  The correct answer is A .
• Question 103: In a centrally planned economy, the economic problem of deciding what to produce is dependent on? Options:
  A) average profit
  B) state command
  C) average cost
  D) relative prices
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  The correct answer is C .
• Question 104: The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that? Options:
  A) there is a Government ban on the importation of beer
  B) beer distributors want more profit
  C) Nigeria is a large country
  D) middlemen hoard beer
  E) the demand for beer exceeds the supply
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  The correct answer is E .
• Question 105:

  

  What does X represent?

  Options:
  A) recessionary gap
  B) GNP gap
  C) inflationary gap
  D) deflationary gap
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  The correct answer is D .
• Question 106: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
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  The correct answer is A .
• Question 107: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
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  The correct answer is C .
• Question 108: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
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  The correct answer is C .
• Question 109:
  

  The diagram above represent

  Options:
  A) perfect competition
  B) mononpoly
  C) demand curve
  D) competitive market
  Show Answer
  The correct answer is B .
• Question 110: Labour-intensive strategy of industrialization emphasizes the use of? Options:
  A) steam energy in the process of production
  B) manual method of production
  C) synthetic raw materials
  D) hydro-electric power
  Show Answer
  The correct answer is B .