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 1331:

  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 1332: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .
• Question 1333:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 1334: 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 1335: One disadvantage of sole proprietorship is its? Options:
  A) limited libility
  B) high profits
  C) high sense of ownership
  D) low credit rating
  E) low failure rate
  Show Answer
  The correct answer is D .
• Question 1336: The effect of changes in the condition of demand on a demand schedule with the price constant is? Options:
  A) A movement along the demand curve
  B) deflation of the demand curve
  C) hyperbola formation by the demand curve
  D) shift of the demand curve
  Show Answer
  The correct answer is D .
• Question 1337: If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B? Options:
  A) decrease in demand for commodity B
  B) decrease in price of commodity B
  C) demand for commodity B remain constant
  D) increase in demand for commodity B
  E) increase in the price of commodity B
  Show Answer
  The correct answer is A .
• Question 1338: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .
• Question 1339:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1340: The expression ‘terms of trade’ is used to describe Options:
  A) Quality of export
  B) The direction of foreign trade
  C) Terms of purchase on deferred payment basis
  D) The rate at which export exchange for imports
  E) Import licensing
  Show Answer
  The correct answer is D .