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 1481:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 1482: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 1483:

  When elasticity is zero, the demand curve is_____________

  Options:
  A) circular
  B) downward sloping
  C) perfectly inelastic
  D) concave
  Show Answer
  The correct answer is C .
• Question 1484: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 1485:

  

  In which of the diagrams above, is the consumer surplus correctly shaded?

  Options:
  A) I
  B) II
  C) III
  D) IV
  Show Answer
  The correct answer is D .
• Question 1486: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 1487: The theoretical relationship between money supply and prices is weakened by changes in the Options:
  A) money supply
  B) general price level
  C) velocity of money
  D) interest rate
  Show Answer
  The correct answer is B .
• Question 1488: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 1489: Taxes which are levied on a person’s expenditures are known as? Options:
  A) Purchase tax
  B) Sales tax
  C) Direct tax
  D) Poll tax
  E) Income tax
  Show Answer
  The correct answer is A .
• Question 1490: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .