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 1641:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1642: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 1643: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 1644: Which of the following is true about average cost? Options:
  A) Fixed cost/quantity
  B) Marginal + Fixed cost
  C) Quantity × Fixed cost
  D) Total cost/quantity
  E) Total cost - fixed cost Quantity
  Show Answer
  The correct answer is D .
• Question 1645: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 1646: Balance of payment deficit in Nigeria CANNOT be solved by Options:
  A) importing more goods and services
  B) devaluation of the currency
  C) imposing import duties
  D) imposing import bans on some commodities
  Show Answer
  The correct answer is A .
• Question 1647: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 1648:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .
• Question 1649:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1650:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .