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 1631:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 1632: Which of the following is a motive for holding money? Options:
  A) celebration
  B) daily purchases
  C) election campaign
  D) payment of taxes
  Show Answer
  The correct answer is B .
• Question 1633: A company's expenditure on raw materials is termed as_______? Options:
  A) Prime cost
  B) Explicit cost
  C) Average cost
  D) Implicit cost
  Show Answer
  The correct answer is B .
• Question 1634:

  A supply curve slopes upwards from the left to the right indicating__________

  Options:
  A) a negative slope
  B) a positive slope
  C) a backward sloping supply curve
  D) short-run supply curve
  Show Answer
  The correct answer is B .
• Question 1635: 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 1636:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1637: The monetization policy of the Nigerian government is aimedat Options:
  A) encouraging public servants to retire early and become self-employed
  B) transferring government's properties to retired public servants
  C) reducing government's burden on the provision of fringe benefits to public servants
  D) helping government recover properties held by public servants
  Show Answer
  The correct answer is C .
• Question 1638: An increase in an economy's productive capacity implies? Options:
  A) an increase in the economy's rate of capital replacement
  B) an increase in the economy's capital stock
  C) a decrease in government spending
  D) an increase in government spending
  Show Answer
  The correct answer is B .
• Question 1639: The primary objective of all international economic organizations is to? Options:
  A) ensure that third world countries get a better share of the world's resources
  B) promote international economic co-operation for the mutual benefit of all members
  C) enforce structural adjustment programmes on less developed countries
  D) encourage exports from the developed to the less developed countries
  Show Answer
  The correct answer is B .
• Question 1640: A perfect competitor will continue to expand output up to the point where Options:
  A) TC > TR
  B) MR = AR
  C) MC < MR
  D) MC > MR
  Show Answer
  The correct answer is C .