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 121: Persistent fail In the general price level Is known as Options:
  A) deflation
  B) devaluation
  C) general price Increase
  D) inflation
  E) price index
  Show Answer
  The correct answer is A .
• Question 122:

  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 123: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
  Show Answer
  The correct answer is C .
• Question 124: The additional revenue obtained by using one more unit of a factor is called? Options:
  A) average product
  B) marginal product
  C) diminishing returns
  D) marginal revenue product
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  The correct answer is D .
• Question 125:

  The use of the bank rate, cash ratio and open market operations constitute

  Options:
  A) fiscal policy
  B) monetary policy
  C) import policy
  D) export policy
  Show Answer
  The correct answer is B .
• Question 126:

  When a variable is associated with time period, it is_____________

  Options:
  A) circular
  B) a flow
  C) static
  D) a stock
  Show Answer
  The correct answer is A .
• Question 127: The effectiveness of devaluation as a solution to a balance of payments problem depends on the Options:
  A) value of visible and invisible goods
  B) value of invisible items of both domestic and foreign trades
  C) relative elasticities of demand and supply of imports and exports
  D) foreign investments of businessmen
  Show Answer
  The correct answer is C .
• Question 128:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 129:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 130: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .