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 1431: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 1432:

  A persistence rise in the prices of inputs will lead to

  Options:
  A) cost push inflation
  B) demand pull inflation
  C) hyperinflation
  D) stagflation
  Show Answer
  The correct answer is A .
• Question 1433: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1434: One of the functions of Development Banks is to Options:
  A) mint money for the development of the economy
  B) provide short-term loans to commercial banks
  C) provide medium and long-term finance for the development of the banking system
  D) provide medium and long-term finance for the development of the economy
  Show Answer
  The correct answer is D .
• Question 1435:

  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 1436: One of the factors which is likely to check the growth of public debts is? Options:
  A) bridging the resources gap
  B) debt reputation
  C) debts rescheduling
  D) debt-equility swap
  Show Answer
  The correct answer is D .
• Question 1437: Money becomes a very poor store of value in a period of Options:
  A) Deflation
  B) Stable prices
  C) Recession
  D) Inflation
  E) Harvest
  Show Answer
  The correct answer is D .
• Question 1438: Total fixed cost measures the cost of? Options:
  A) all plant and machinery
  B) all assets where quantity cannot be varied in the short run
  C) all assets upon which the firm has control
  D) prooerty owned by the firm
  Show Answer
  The correct answer is B .
• Question 1439:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 1440: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .