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 1571: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 1572:

  The economic term used to refer to human wants, desires or needs is known as?

  Options:
  A) Ends
  B) Alternative means
  C) Scarce
  D) Means
  Show Answer
  The correct answer is A .
• Question 1573: Opportunity cost is best defined as? Options:
  A) the penalty for not seizing golden opportunities
  B) sacrificed alternative (output, income etc.)
  C) the cost of creating job opportunities
  D) payment made to an industrial worker
  E) the difference between fixed and variable costs
  Show Answer
  The correct answer is B .
• Question 1574:

  The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________

  Options:
  A) deductive reasoning
  B) positive reasoning
  C) normative reasoning
  D) inductive reasoning
  Show Answer
  The correct answer is D .
• Question 1575: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 1576: Population growth is determined by_______? Options:
  A) Dependency ratio
  B) Labour force
  C) Per capita
  D) Net migration
  Show Answer
  The correct answer is D .
• Question 1577: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .
• Question 1578: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 1579:

  The lands that belong to the community is referred to as__________

  Options:
  A) sacred land
  B) individual land
  C) communal land
  D) rent land
  Show Answer
  The correct answer is C .
• Question 1580: The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit? Options:
  A) N 100 000
  B) N 800 000
  C) N 1000 000
  D) N 8000 000
  Show Answer
  The correct answer is B .