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 1231:

  Which of the following is used by the central bank to control the rate of interest

  Options:
  A) bill of exchange
  B) banker's order
  C) fixed deposit account
  D) open market operation
  Show Answer
  The correct answer is D .
• Question 1232: The formular (N + 1)/2 is used to determine the Options:
  A) mean
  B) median
  C) mode
  D) standard deviation
  E) mean deviation
  Show Answer
  The correct answer is B .
• Question 1233: The price per unit of a commodity to a buyer is the same as the Options:
  A) Normal profit of the seller
  B) Average revenue of the seller
  C) Marginal cost of the commodity
  D) Marginal revenue of the seller
  Show Answer
  The correct answer is B .
• Question 1234: The economic policy of privatization came up as a result of the poor performance of Options:
  A) commercial banks
  B) small-scale businesses
  C) public enterprises
  D) private enterprises
  Show Answer
  The correct answer is C .
• Question 1235: A major consideration in locating a cement factory is the availability of Options:
  A) skilled labour
  B) power
  C) infrastructural facilities
  D) limestone
  Show Answer
  The correct answer is D .
• Question 1236:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .
• Question 1237: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .
• Question 1238: A typical corporate form of business organization is owned by Options:
  A) President of a country
  B) Shareholders
  C) The general manager and the executives
  D) A local government
  E) Foreigners and citizens of the country
  Show Answer
  The correct answer is B .
• Question 1239:

  

  From the graph above, the price elasticity of demand is

  Options:
  A) unitarily elastic
  B) perfectly elastic
  C) perfectly inelastic
  D) fairly inelastic
  Show Answer
  The correct answer is C .
• Question 1240: If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index Options:
  A) 100
  B) 200
  C) 240
  D) 300
  Show Answer
  The correct answer is B .