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 1781: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 1782:

  Economists refer to private goods as

  Options:
  A) rivalrous and non-excludable
  B) rivalrous and excludable
  C) non rival and non- excludable
  D) non rival and excludable
  Show Answer
  The correct answer is B .
• Question 1783: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
  Show Answer
  The correct answer is D .
• Question 1784:

  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 1785:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1786: Market is defined as? Options:
  A) one geographical location where people meet to buy and sell
  B) the demand and supply of goods and services
  C) a group of people whose sole interest is to make profit
  D) any organizational framework which links the buyers and sellers of a good and service
  Show Answer
  The correct answer is D .
• Question 1787: At the equilibrium price, Options:
  A) demand is greater than supply
  B) demand equates supply
  C) demand is less than supply
  D) price is equal to demand only
  E) price is equal to supply only
  Show Answer
  The correct answer is B .
• Question 1788:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 1789:

  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 1790:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .