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:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1152:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1153: An inflation that co-exists with high rate of unemployment is Options:
  A) hyperinflation
  B) stagflation
  C) demand-pull inflation
  D) cost-push inflation
  Show Answer
  The correct answer is A .
• Question 1154: The best technical description of a progressive tax is a? Options:
  A) tax which takes more money from the rich than from the poor
  B) more equitable tax than aggressive one
  C) tax which takes a higher proportion of extra naira received as income rises
  D) tax which falls directly on those in the high income brackets
  Show Answer
  The correct answer is C .
• Question 1155:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1156: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 1157: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 1158: If the Central Bank intends to increase the money supply through open market operations then it will Options:
  A) sell securities in the open market
  B) buy securities in the open market
  C) issues more currency note
  D) withdraw money supply from the market
  E) print more demand deposit
  Show Answer
  The correct answer is B .
• Question 1159: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 1160: Plantation farming can best be defined as cultivation of Options:
  A) crops using hoes and cutlasses for farming
  B) food crops for personal consumption
  C) food for use by the family
  D) large scale farms of cash crops
  E) livestock for commercial purposes
  Show Answer
  The correct answer is D .