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: Which of the following is NOT a measure for controlling inflation? Options:
  A) Reduction in money supply
  B) Wage restraint and wage freeze
  C) Reduction in taxes and increase in government spending
  D) price control
  E) Credit restriction
  Show Answer
  The correct answer is C .
• Question 1632: If a firm is faced with an elastic supply curve, its revenue will Options:
  A) be supplied at a higher price
  B) double at a higher price
  C) increase by more than the percentage increase in price
  D) equal percentage change in price
  Show Answer
  The correct answer is C .
• Question 1633:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 1634: The foreign exchange market is a market where Options:
  A) graded commoditties like wheat, flour, etc are sold and bought
  B) currencies are sold and bought
  C) treasury bills are sold and bought
  D) government bonds are sold and bought
  E) treasury certificates are sold
  Show Answer
  The correct answer is B .
• Question 1635: National development plans in Nigeria fail mainly because of Options:
  A) overdependence on foreign aids
  B) inadequate funding of projects
  C) poor implementation strategies
  D) shortage of skilled manpower
  Show Answer
  The correct answer is C .
• Question 1636: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 1637: Changing the structure of a commodity in order to increase its utility is called? Options:
  A) Time utility
  B) form utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is B .
• Question 1638: A normal supply curve is usually positively sloped because the relationship between Options:
  A) price and supply is positive
  B) demand and price is positive
  C) supply and price is negative
  D) price and demand is negative
  Show Answer
  The correct answer is A .
• Question 1639: If CBN reduces money supply, the interest rate will Options:
  A) fluctuate
  B) rise
  C) fall
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 1640: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .