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 1711: A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the? Options:
  A) price only
  B) quantity only
  C) quality only
  D) price and quantity
  Show Answer
  The correct answer is A .
• Question 1712: If inflation is anticipated to continue? Options:
  A) people will lose confidence in goods
  B) lenders will demand higher interest rate
  C) the growth of full employment output will be accelerated
  D) people will want to hold more money
  Show Answer
  The correct answer is B .
• Question 1713: The amount of money required for the day-to-day running of a business is known as Options:
  A) economics capital
  B) fixed capital
  C) paid- up capital
  D) reserve capital
  E) working capital
  Show Answer
  The correct answer is E .
• Question 1714:

  Which of the following is an example of free good?

  Options:
  A) Free education
  B) Water in the ocean
  C) Dinner you did not pay for
  D) Your rented apartment
  Show Answer
  The correct answer is B .
• Question 1715: Which of the following advantages of localization of industries may also be a disadvantage? Options:
  A) External economies
  B) Concentration of industries and of people
  C) Development of organized markets
  D) Reduced costs of research
  Show Answer
  The correct answer is B .
• Question 1716: The first National development plan period was from Options:
  A) 1955-1959
  B) 1962-1968
  C) 1965-1970
  D) 1970-1974
  E) 1975-1980
  Show Answer
  The correct answer is B .
• Question 1717: Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product. Options:
  A) N30
  B) N40
  C) N10
  D) N20
  Show Answer
  The correct answer is B .
• Question 1718: An issue of bank-notes not backed by gold but by government securities is known as? Options:
  A) fiduciary isssue
  B) guaranteed money
  C) seignior age
  D) legal tender
  Show Answer
  The correct answer is A .
• Question 1719:

  The term M ${}^3$ comprises M ${}^1$ together with deposits on deposit account held by_______

  Options:
  A) banks only
  B) discount houses only
  C) banks and discount houses
  D) banks, discount houses and stock, exchanges
  Show Answer
  The correct answer is C .
• Question 1720:

  Which of the following factors is not a reason for farmers' unstable incomes?

  Options:
  A) dependence on too many crops
  B) poor storage facilities
  C) adverse weather conditions
  D) recession in the world economy
  Show Answer
  The correct answer is A .