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 1451: The role of the Central Bank in the economic development of Nigeria is to Options:
  A) give short-and medium-term loans to the public
  B) give financial and technical advice to customers
  C) use cheques and bankdrafts to faciliate business transactions
  D) maintain a stable price system
  Show Answer
  The correct answer is D .
• Question 1452: The primary reason for desiring economic growth is to Options:
  A) control inflation
  B) reduce poverty
  C) redistribute income
  D) raise standard of living
  Show Answer
  The correct answer is C .
• Question 1453: The supply of loanable funds is significantly influenced by? Options:
  A) commercial banks
  B) mortage banks
  C) financial intermediaries
  D) the Central Bank
  E) insurance companies
  Show Answer
  The correct answer is C .
• Question 1454: Which of the following is NOT strictly included In the study of economics? Options:
  A) The study of wants
  B) The study of choice
  C) Whether a particular want satisfies a good or bad purpose
  D) The study of scarcity
  E) The study of substitution
  Show Answer
  The correct answer is C .
• Question 1455:

  The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

  Options:
  A) an Improvement in capital goods technology but not In consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is B .
• Question 1456: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 1457: The price per unit of a commodity to a buyer is the same as the Options:
  A) Normal profit of the seller
  B) Average revenue of the seller
  C) Marginal cost of the commodity
  D) Marginal revenue of the seller
  Show Answer
  The correct answer is B .
• Question 1458: Gresham's law in Economics shows that? Options:
  A) good drives out bad money
  B) bad money drives out good money
  C) the value of money varies inversely with the price level
  D) gold must be available to maintain the price of paper money
  Show Answer
  The correct answer is B .
• Question 1459: The economic policy of deregulation is aimed at encouraging? Options:
  A) a monopolistic market structure
  B) a duopolistic market structure
  C) a competitive market structure
  D) an oligopolistic market structure
  Show Answer
  The correct answer is C .
• Question 1460: If the marginal utility of good X exceeds that of good Y, this implies that Options:
  A) a rational consumer will buy less of X
  B) consuming more of X will increase total utility
  C) Y is an inferior good
  D) X will be cheaper than Y
  Show Answer
  The correct answer is B .