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 1741: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .
• Question 1742:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 1743: The short-run equilibrium in a perfectly competitive market requires that? Options:
  A) marginal cost be equal to total revenue
  B) marginal cost and marginal revenue be equal
  C) costs are mutually determined by buyers and sellers
  D) the marginal cost curve cuts the total cost curve
  Show Answer
  The correct answer is A .
• Question 1744: In economics, production takes place only when Options:
  A) producers sell to retailers
  B) value has been added to a commodity
  C) modern equipment is used
  D) consumption has taken place
  Show Answer
  The correct answer is D .
• Question 1745: The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is Options:
  A) 6
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is B .
• Question 1746: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .
• Question 1747: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 1748:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 1749: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 1750: The coefficient of the price elasticity of supplyis always Options:
  A) positive
  B) negative
  C) constant
  D) zero
  Show Answer
  The correct answer is A .