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: Wheat grows best in? Options:
  A) tropical climate
  B) temperate climate
  C) equatorial climate
  D) hot desert
  Show Answer
  The correct answer is B .
• Question 1632: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 1633:

  

  The lower half of the diagram indicates

  Options:
  A) the flow of goods and services
  B) payments for goods and services
  C) the flow of income
  D) government transactions
  Show Answer
  The correct answer is D .
• Question 1634:

  The number of people who are qualified to work and who offered themselves for employment are called

  Options:
  A) mobility of labour
  B) working population
  C) migrant labour
  D) labour turnover
  Show Answer
  The correct answer is B .
• Question 1635: The multiplier is defined as Options:
  A) The ratio of the change in income to the change in investment
  B) The change in investment divided by the change in income
  C) $\frac{1}{MPC}$
  D) $\frac{1}{1-\text{MPS}}$
  Show Answer
  The correct answer is A .
• Question 1636:

  A minimum price legislation is also called

  Options:
  A) price ceiling
  B) price floor
  C) price control
  D) price mechanism
  Show Answer
  The correct answer is B .
• Question 1637: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 1638: External finance for a limited liability company is mainly sourced through? Options:
  A) the leasing equipment
  B) the issuing of shares
  C) trade credits
  D) banks loans
  Show Answer
  The correct answer is A .
• Question 1639: In Nigeria, cheques are not money because? Options:
  A) their use is confined to business houses
  B) there are no banks in rular areas
  C) they are not legal tender
  D) they are not generally acceptable as a medium of exchange
  E) most Nigerians cannot identify them
  Show Answer
  The correct answer is C .
• Question 1640:

  ..................... is the highest body in ECOWAS organogram

  Options:
  A) Authority of Head of State and Government
  B) The Executive Secretariat
  C) The Defense Council
  D) Council of Ministers
  Show Answer
  The correct answer is A .