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:

  

  The deflationary gap is defined by

  Options:
  A) X
  B) K
  C) X + K
  D) X - K
  Show Answer
  The correct answer is A .
• Question 1152: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .
• Question 1153: The raising of funds by selling stocks to the public is called Options:
  A) equity financing
  B) deficit financing
  C) loan financing
  D) debt financing
  Show Answer
  The correct answer is A .
• Question 1154: Which of the following is a transfer payment? Options:
  A) Dividend to a shareholder
  B) Gift to a mothers less babies' home
  C) Salary to a worker
  D) Rent to a landlord
  Show Answer
  The correct answer is A .
• Question 1155: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 1156: If elasticity of demand is greater than I and less than infinity, demand is said to be Options:
  A) elastic
  B) perfectly inelastic
  C) inelastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 1157: Which of the following BEST describes the production function? Options:
  A) it indicates best output to produce
  B) it relates naira inputs to naira output
  C) it relates physical outputs to physical inputs
  D) it indicates the best way to combine factors to produce given output
  Show Answer
  The correct answer is C .
• Question 1158: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .
• Question 1159: The price mechanism Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 1160:

  

  The quantity supplied of a commodity increases while

  Options:
  A) production incraases
  B) demand increses
  C) price of the commodity increases
  D) population of the country increases
  E) more commodites are imported
  Show Answer
  The correct answer is C .