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 1101: which of these alternative is wrong? central banks are Options:
  A) bankers to the government
  B) bankers to commercial banks
  C) merchant banks
  D) controllers and regulators of money supply
  E) issuers of bank note
  Show Answer
  The correct answer is C .
• Question 1102:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 1103: Demand for money for speculative purposes means? Options:
  A) buying goods and services whose prices have risen
  B) keeping money for unforseen expenditure
  C) buying financial assets because of possible gains
  D) buying real estate
  E) keeping money for a rainy day
  Show Answer
  The correct answer is C .
• Question 1104:

  The study of Economics becomes necessary because of the______________

  Options:
  A) Large population size of the world
  B) Scarcity of resources
  C) Opportunity cost of goods and services
  D) Need to satisfy every desire of man
  Show Answer
  The correct answer is B .
• Question 1105: In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods? Options:
  A) N400.00
  B) N80.00
  C) N40.00
  D) N20.00
  Show Answer
  The correct answer is C .
• Question 1106:

  

  The maximum number of workers that should be hired is

  Options:
  A) 2
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is C .
• Question 1107:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 1108:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 1109: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 1110:

  In perfectly elastic supply, the supply curve

  Options:
  A) is vertical
  B) is horizontal
  C) slopes upward
  D) slopes downward
  Show Answer
  The correct answer is B .