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 1091: A discount house is a market where Options:
  A) various bills are exchanged
  B) short-term and medium-term loans are obtained
  C) shares are bought and sold
  D) short-term loans are obtained
  Show Answer
  The correct answer is A .
• Question 1092: A perfectly competitive firm is advised to close down when the Options:
  A) price is below the marginal cost
  B) price is equal to the marginal revenue
  C) marginal revenue is equal to the marginal cost
  D) price is below the average variable cost
  Show Answer
  The correct answer is D .
• Question 1093: The monetization policy of the Nigerian government is aimedat Options:
  A) encouraging public servants to retire early and become self-employed
  B) transferring government's properties to retired public servants
  C) reducing government's burden on the provision of fringe benefits to public servants
  D) helping government recover properties held by public servants
  Show Answer
  The correct answer is C .
• Question 1094: The term 'double coincidence ' of wants is usually associated with a? Options:
  A) bilateral exchange mechanism
  B) monetary exchange mechanism
  C) stock exchange system
  D) barter exchange mechanism
  Show Answer
  The correct answer is D .
• Question 1095: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .
• Question 1096: Which of the following is a set of measures of dispersion? Options:
  A) Mean and median
  B) Mean and standard deviation
  C) Range and variance
  D) Mode and mean
  Show Answer
  The correct answer is C .
• Question 1097: The term of trade often measured by the ratio of the index of export Options:
  A) divided by the index of import prices multiplied by 100
  B) multiplied by the index of import prices
  C) plus the index of import prices multiplied by 100
  D) minus the index of import prices
  Show Answer
  The correct answer is A .
• Question 1098: A major consideration in locating a cement factory is the availability of Options:
  A) skilled labour
  B) power
  C) infrastructural facilities
  D) limestone
  Show Answer
  The correct answer is D .
• Question 1099: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
  Show Answer
  The correct answer is B .
• Question 1100:

  The value of money depends primarily on _________

  Options:
  A) The gold backing of the currency
  B) The general price level
  C) Government decree that it is legal tender
  D) None of the above
  Show Answer
  The correct answer is B .