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 1871: 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 .
• Question 1872: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 1873: Commercial bank reserves at the Central Bank have the effect of? Options:
  A) controlling credit and money supply
  B) discouraging banking operations
  C) advancing trade prospects
  D) reducing bank frauds
  Show Answer
  The correct answer is A .
• Question 1874:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 1875: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 1876: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
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  The correct answer is D .
• Question 1877: A firm enjoying economies of scale is said to be Options:
  A) reducing average cost as production increases
  B) benefiting from the activties of other firms
  C) maximizing profits as production increases
  D) having an upward-sloping average cost curve
  Show Answer
  The correct answer is A .
• Question 1878:

  

  The deflationary gap is defined by

  Options:
  A) X
  B) K
  C) X + K
  D) X - K
  Show Answer
  The correct answer is A .
• Question 1879: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
  Show Answer
  The correct answer is A .
• Question 1880:

  If inflation is anticipated, people may

  Options:
  A) save more money
  B) spend more money
  C) give out more loans
  D) spend less money
  Show Answer
  The correct answer is B .