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 1971: 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 1972: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 1973:

  The money market equilibrium is defined as_________

  Options:
  A) when the demand and supply of money are equal
  B) when demand is greater than supply of money
  C) when demand is less than supply of money
  D) when supply is greater than demand for money
  Show Answer
  The correct answer is A .
• Question 1974: The concentration of firms in one area is referred to as of ……………. industries. Options:
  A) location
  B) localization
  C) multiplication
  D) proliferation
  E) pluralization
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  The correct answer is B .
• Question 1975:

  A limited liability company is owned by________________

  Options:
  A) a bank
  B) an individual
  C) two or more partners
  D) share holders
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  The correct answer is D .
• Question 1976:

  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
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  The correct answer is D .
• Question 1977: Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20% Options:
  A) 700.00
  B) 600.00
  C) 500.00
  D) 400.00
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  The correct answer is C .
• Question 1978: When total utility is at maximum, then marginal utility is Options:
  A) decreasing
  B) increasing
  C) maximum
  D) negative
  E) zero
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  The correct answer is E .
• Question 1979:

  A rise in the market price of fixed interest securities is an indication that the

  Options:
  A) supply of money has decreased
  B) liquidity preference has increased
  C) market rate of interest has risen
  D) market rate of interest has fallen
  Show Answer
  The correct answer is D .
• Question 1980: If the price elasticity of demand for a certain commodity is less than unity, then? Options:
  A) an increase in the price of the commodity will raise the total revenue of the producer
  B) an increase in price leaves the total revenue unchanged
  C) a decrease in price raises the total revenue of the supplier
  D) a decrease in price leaves the total revenue constant
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  The correct answer is A .