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 1221:

  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 1222: In Nigeria, efficiency in public corporations can be achieved through Options:
  A) public offer
  B) indigenization
  C) privatization
  D) nationalization
  Show Answer
  The correct answer is C .
• Question 1223: The purchasing power of the Naira will fall when Options:
  A) workers are retrenched
  B) the colour of the naira is changed
  C) the government cuts all salaries and wages
  D) there is inflation
  E) the naira is overvalued
  Show Answer
  The correct answer is D .
• Question 1224: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 1225: Which of the following is NOT a function of taxation? Options:
  A) make few people rich in the country
  B) raise revenue for the government
  C) redistribution of income
  D) reduces production and consumption of harmful goods
  E) used as anti-inflationary device
  Show Answer
  The correct answer is D .
• Question 1226: If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is Options:
  A) elastic
  B) perfectliy inelastic
  C) inelastic
  D) perfect elastic
  Show Answer
  The correct answer is C .
• Question 1227: If the population of a school is 600 and 60% are In JSS, how many students are in SSS? Options:
  A) 204
  B) 224
  C) 240
  D) 244
  E) 248
  Show Answer
  The correct answer is C .
• Question 1228:

  The price mechanism______

  Options:
  A) Rations the consumers
  B) Rewards the producers
  C) Regulates supply and demand
  D) Allocates scarce resources.
  Show Answer
  The correct answer is C .
• Question 1229: The equilibrium market price is determined at a point where? Options:
  A) consumers can buy all they desire
  B) sellers can dispose of all their wares
  C) the price is moderate
  D) quantity consumers desires equal quantity sellers offer
  E) sellers and buyers are not quarrelling
  Show Answer
  The correct answer is D .
• Question 1230:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  What is the median wage?

  Options:
  A) ₦8.00
  B) ₦5.00
  C) ₦11.00
  D) ₦6.50
  Show Answer
  The correct answer is D .