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 1561: If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in Options:
  A) consumers' income
  B) demand
  C) consumers' tastes
  D) quantity damanded
  Show Answer
  The correct answer is D .
• Question 1562:

  The type of business finances that entitles the holder to a fixed rate of dividend is?

  Options:
  A) preference stock
  B) common stock
  C) debentures
  D) bank loan
  Show Answer
  The correct answer is C .
• Question 1563: The only factor of production that plays an active role in the production process is Options:
  A) land
  B) capital
  C) entrepreneur
  D) labour
  Show Answer
  The correct answer is C .
• Question 1564: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 1565: The additional cost incurred by producing an additional unit of output is known as Options:
  A) Fixed cost
  B) Total cost
  C) Average cost
  D) Marginal cost
  Show Answer
  The correct answer is D .
• Question 1566: Fiscal policy is the government's plan to control aggregate demand by manipulating Options:
  A) the demand and supply of money
  B) revenue and expenditure
  C) tastes and preferences of consumers
  D) the structure of production and employment
  Show Answer
  The correct answer is B .
• Question 1567:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1568:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  What is the change in income?

  Options:
  A) N0.5m
  B) N1.5m
  C) N2.6m
  D) N8.0m
  Show Answer
  The correct answer is D .
• Question 1569: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 1570: The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to? Options:
  A) reduce public expenditure
  B) encourage efficiency in the performance of such enterprises
  C) reduce the number of public enterprises
  D) raise the prices of goods and services produced by the enterprises
  Show Answer
  The correct answer is B .