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 1151:

  An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

  Options:
  A) monetary policy
  B) fiscal policy
  C) credit ceiling
  D) open market operation
  Show Answer
  The correct answer is C .
• Question 1152: When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of? Options:
  A) Nigeria's invisible export trade
  B) Nigeria's import trade
  C) Nigeria's invisble trade
  D) foreign capital inflow into Nigeria
  Show Answer
  The correct answer is A .
• Question 1153: The optimal range of output for a perfectly competitive firm is Options:
  A) AC is lowest
  B) AVC is lowest
  C) MC is rising
  D) MC is falling
  Show Answer
  The correct answer is B .
• Question 1154: One`of the limitations PPC assumption is that there is Options:
  A) no indication of technological development
  B) no recognition of preferred goods for countries
  C) technical inefficiency
  D) abundant resources
  Show Answer
  The correct answer is B .
• Question 1155:

  The demand curve for goods of ostentation is usually

  Options:
  A) negatively sloped
  B) positively sloped
  C) vertical
  D) horizontal
  Show Answer
  The correct answer is B .
• Question 1156:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1157: If goods were free, a rational consumer would consume? Options:
  A) an infinite amount of each good
  B) the amount where marginal utility became zero
  C) the same amount as when each good had a price
  D) the amount where marginal utility was the highest
  Show Answer
  The correct answer is D .
• Question 1158: Which of these is a type of partnership in business? Options:
  A) Limited partnership
  B) limited liability company
  C) private partnership
  D) joint stock partnership
  Show Answer
  The correct answer is A .
• Question 1159: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 1160: One of the functions of Development Banks is to Options:
  A) mint money for the development of the economy
  B) provide short-term loans to commercial banks
  C) provide medium and long-term finance for the development of the banking system
  D) provide medium and long-term finance for the development of the economy
  Show Answer
  The correct answer is D .