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 2071:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
  Show Answer
  The correct answer is B .
• Question 2072:

  An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________

  Options:
  A) Increase; decrease
  B) Decrease; decrease
  C) Increase; increase
  D) Decrease; increase
  Show Answer
  The correct answer is C .
• Question 2073:

  

  The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

  Options:
  A) Q₃
  B) Q₄
  C) Q₁
  D) Q₂
  Show Answer
  The correct answer is A .
• Question 2074: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 2075:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2076: A glut in the world market for crude oil means? Options:
  A) a fall in crude oil production
  B) an excess supply of crude petroleum
  C) a higher crude oil price offered by the buyer
  D) a higher crude oil price demanded by the seller
  Show Answer
  The correct answer is B .
• Question 2077: If an increase in income induces a reduction in the demand for beans, beans can be referred to as? Options:
  A) a normal good
  B) an inferior good
  C) a substitute good
  D) a giffen good
  Show Answer
  The correct answer is B .
• Question 2078: The division of labour requires that the task to be performed Options:
  A) must be done in stages
  B) requires no special knowledge
  C) is simple but strenuous
  D) must be undertaken by experts
  Show Answer
  The correct answer is A .
• Question 2079: The following are advantages of standard deviation EXCEPT that it Options:
  A) has greater practical utility In sampling
  B) is a good measure of dispersion since all the values are used in its calculation
  C) is important and useful in the analysis of T- Test
  D) is not a sound mathematical index
  E) is the most popular measure of dispersion in distribution
  Show Answer
  The correct answer is A .
• Question 2080: An increasein liquid reserve requirements by the central bank of Nigeria will result in Options:
  A) a reduction in commercial banks' excess reserves
  B) more commercial bank loan to members of the public
  C) an increase in commercial banks excess reserves
  D) no change in commercial banks excess reserves
  E) a reduction in central banks gold reserves
  Show Answer
  The correct answer is C .