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 2031: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 2032: Changing the structure of a commodity in order to increase its utility is called? Options:
  A) Time utility
  B) form utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is B .
• Question 2033: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .
• Question 2034: If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called Options:
  A) composite demand
  B) elastic demand
  C) derived demand
  D) competitive demand
  E) inelastic demand
  Show Answer
  The correct answer is D .
• Question 2035: The basic purpose of imposing legal reserve requirements on commercial bank is to? Options:
  A) assure the profitability of commercial banks
  B) provide a device through which credit creation by banks can be controlled
  C) provide a proper ratio between earning and non-earning bank assets
  D) provide the Central Bank with working capital
  Show Answer
  The correct answer is B .
• Question 2036: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 2037: If children and the aged dominate the population of a country, this results in Options:
  A) a reduction in the importation of capital goods
  B) a fall in the standard of living
  C) an increase in the national income
  D) an improvement in the standard of living
  Show Answer
  The correct answer is A .
• Question 2038:

  Agriculture accounts for about 60% of the

  Options:
  A) commodity market in West Africa
  B) arable land in West Africa
  C) active labour force in West Africa
  D) service sector activities in West Africa
  Show Answer
  The correct answer is C .
• Question 2039: Above full employment level, an expansionary monetary policy will lead to a Options:
  A) decrease in aggregate supply
  B) fall in the inflation rate
  C) rise in the inflation rate
  D) fall in aggregate demand
  Show Answer
  The correct answer is C .
• Question 2040: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .