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:

  The reward for capital is___________

  Options:
  A) Interest
  B) Rent
  C) Risk
  D) Premium
  Show Answer
  The correct answer is A .
• Question 1232: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1233:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 1234: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .
• Question 1235: Optimum population is desirable because it enables an economy to obtain maximum? Options:
  A) per capita income
  B) per capital output
  C) per capita real income
  D) per capital revenue
  E) growth rate
  Show Answer
  The correct answer is A .
• Question 1236:

  If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

  Options:
  A) 0.50
  B) 0.65
  C) 2.00
  D) 2.50
  Show Answer
  The correct answer is C .
• Question 1237: One of the unique features that distinguishes the perfect and imperfect market condition is _________ Options:
  A) profit motive principles
  B) absence of price control board
  C) price determines production and distribution
  D) number of sellers and buyers
  Show Answer
  The correct answer is D .
• Question 1238: Scale of preference refers to? Options:
  A) consumers preference for luxury goods
  B) the household monthly income
  C) list of goods and servicesin order of priority
  D) budget perparation without paying due regard to priority
  Show Answer
  The correct answer is C .
• Question 1239:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 1240: The terms of trade of a country is defined as Options:
  A) $\frac{\text{Index of import prices}}{\text{Index of export prices}}$ x 100
  B) $\frac{\text{Index of exportable}}{\text{Index of importable}}$ x 100
  C) $\frac{\text{Index of visible imports}}{\text{Index of visible exports}}$ x 100
  D) $\frac{\text{Index of export prices}}{\text{Index of import prices}}$ x 100
  Show Answer
  The correct answer is B .