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 1211:

  Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

  Options:
  A) Deflation
  B) Reinflation
  C) Disinflation
  D) Inflationary gap
  Show Answer
  The correct answer is D .
• Question 1212: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .
• Question 1213:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 1214: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .
• Question 1215: The main economic objective behind the production of goods and services in any economy is to? Options:
  A) maximize profits
  B) satisfy human wants
  C) become self reliant
  D) create job opportunities
  E) make people wealthy
  Show Answer
  The correct answer is B .
• Question 1216:

  A positive effect of a rapid population increase is

  Options:
  A) an excessive budget deficit
  B) a reduction in standard of living
  C) a wider market for goods and services
  D) a higher dependency ratio
  Show Answer
  The correct answer is C .
• Question 1217:

  In economic life, the choice among alternatives depends on the?

  Options:
  A) income of the decision maker
  B) scarcity of resources
  C) the scale of preference of the decision-maker
  D) status of the decison maker
  Show Answer
  The correct answer is C .
• Question 1218:

  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 1219: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 1220:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .