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 1681:

  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 1682: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 1683: The additional satisfaction derived from the consumption of one or more unit of a good is called Options:
  A) marginal products
  B) marginal utility
  C) marginal revenue
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1684:

  An electrical engineer who is teaching physics in a secondary school is said to be

  Options:
  A) under-employed
  B) unemployed
  C) fully employed
  D) technologically unemployed
  Show Answer
  The correct answer is A .
• Question 1685: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 1686:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1687:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1688: Central bank of Nigerian started operation Options:
  A) 1958
  B) 1959
  C) 1960
  D) 1963
  E) 1973
  Show Answer
  The correct answer is B .
• Question 1689: The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to? Options:
  A) reduce public expenditure
  B) encourage efficiency in the performance of such enterprises
  C) reduce the number of public enterprises
  D) raise the prices of goods and services produced by the enterprises
  Show Answer
  The correct answer is B .
• Question 1690: The borrowing rights of a member country of the international Monetary Fund are determined by? Options:
  A) the seriousness of the country's economic problems
  B) its balance of payments position
  C) its quota to the fund
  D) the size of gold reserve
  Show Answer
  The correct answer is C .