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 2061: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
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  The correct answer is D .
• Question 2062: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause? Options:
  A) its exports to rise
  B) its imports to rise
  C) gold to flow into that country
  D) its currency to be in surplus
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  The correct answer is B .
• Question 2063: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
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  The correct answer is D .
• Question 2064: The reform in the banking sector in Nigeria is principally motivated by the need to Options:
  A) increase the capital base of banks
  B) provide more money to run the economy
  C) minimize the rate of bank failures
  D) enhance efficiency in bank operations
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  The correct answer is C .
• Question 2065: A firm's shut-down point is reach when the average revenue fails to cover the? Options:
  A) average variable cost
  B) marginal cost
  C) average total cost
  D) average fixed cost
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  The correct answer is B .
• Question 2066: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
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  The correct answer is C .
• Question 2067: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
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  The correct answer is B .
• Question 2068: When a business has unlimited liability Options:
  A) all its profits can be taxed away by the government
  B) all its assets are owned by the members of its board of directors
  C) the business ceases to exist at the death of one of its owners
  D) the owners are responsible for all its financial debts
  E) the owners are not responsible for all its financial debts
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  The correct answer is D .
• Question 2069: Which of the following item in the balance of payment of account is an invisible transaction? Options:
  A) Import of cars
  B) Export of cocoa
  C) Export of crude petroleum
  D) Tourism
  E) Import of building materials
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  The correct answer is D .
• Question 2070:

  Taxes and government expenditures are instruments of____________

   

   

  Options:
  A) Monetary policy
  B) Tax policy
  C) Economic policy
  D) Fiscal policy
  Show Answer
  The correct answer is D .