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 1291:

  Local firms can help in reducing unemployment in a country when

  Options:
  A) land acquisition becomes centralized
  B) imports of substitutes are reduced
  C) waste in the firm is eliminated
  D) subsidies to firms are decreased
  Show Answer
  The correct answer is B .
• Question 1292: The use of tax and expenditure policy to regulate the economy is known as Options:
  A) deregulation
  B) fiscal policy
  C) monetary policy
  D) physical measures
  E) structural adjustment
  Show Answer
  The correct answer is B .
• Question 1293: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 1294:

  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 1295: If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by Options:
  A) N4.0 milion
  B) N25. 0 milion
  C) N2.5 milion
  D) N15.0 milion
  Show Answer
  The correct answer is B .
• Question 1296:

  The middlemen is responsible for

  Options:
  A) providing research facilities
  B) purchasing raw materials
  C) designing the product
  D) breaking the bulk
  Show Answer
  The correct answer is D .
• Question 1297: The borrowing rights of a member country of the international Monetary Fund are determined by? Options:
  A) the seriousness of the country's economic problems
  B) its balance of payments position
  C) its quota to the fund
  D) the size of gold reserve
  Show Answer
  The correct answer is C .
• Question 1298: The quantity supplied of a commodity increases best when Options:
  A) Production increases
  B) Demand increases
  C) Price of the commodity increases
  D) Population of the country increases
  E) More commodities are imported
  Show Answer
  The correct answer is C .
• Question 1299: The major reason for the survival of small shops despite competition from large business enterprises is because of? Options:
  A) the small capital outlay involved
  B) regularity and constant supply of commodities by them
  C) their local srvices and longer hours of operation
  D) their level of managerial competence
  Show Answer
  The correct answer is C .
• Question 1300: One of the functions of commercial banks is Options:
  A) maintaining stable price in the economy
  B) regulating monetary policies
  C) granting loans to customers
  D) issuing bank notes and coins
  Show Answer
  The correct answer is C .