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 1671: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .
• Question 1672: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 1673: Division of labour requires that, the tasks in a production line be performed Options:
  A) by specialists
  B) in stages
  C) by all workers
  D) by unskilled labourers
  Show Answer
  The correct answer is B .
• Question 1674:

  When a member's currency is declared "scarce", it is the duty of the IMF to______

  Options:
  A) suspend the member state indefinitely
  B) ban all exports from that state
  C) suspend dealings in that currency for one year
  D) ration it among the countries demanding it
  Show Answer
  The correct answer is D .
• Question 1675: In capitalist economies, questions about what to produce are ultimately answered by Options:
  A) income level of households
  B) available technical skills in the economy
  C) output decisions of firms
  D) holding decision of households
  Show Answer
  The correct answer is C .
• Question 1676: Inflation can be curbed by Options:
  A) increasing aggregate demand
  B) paying higher wages
  C) increasing government expenditure
  D) reducing aggregate demand
  E) a deficit budget
  Show Answer
  The correct answer is D .
• Question 1677: 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 1678: In a perfectly competitive market, the firm is in long-run equilibrium at the output where? Options:
  A) marginal cost is minimum
  B) average cost is minimum
  C) total cost is minimum
  D) marginal cost revenue is maximum
  Show Answer
  The correct answer is B .
• Question 1679:

  Human wants are insatiable because wants are____________

  Options:
  A) Limited while means are scarce
  B) Unlimited and means are also unlimited
  C) Limited and means are also limited
  D) Unlimited while means are scarce.
  Show Answer
  The correct answer is D .
• Question 1680: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .