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 2081: The foreign exchange rate of a country is Options:
  A) the interest rate fixed by the central bank
  B) the price of one national currency in terms of another
  C) the rate at which the central bank issues money
  D) the rate of interest on government bonds
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 2082: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 2083: The price mechanism Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 2084: Population density refers to? Options:
  A) densely populated urban centres
  B) the total area divided by the total population
  C) densely populated rural areas
  D) the total population divided by the total area
  Show Answer
  The correct answer is D .
• Question 2085:
  

  The diagram above represent

  Options:
  A) perfect competition
  B) mononpoly
  C) demand curve
  D) competitive market
  Show Answer
  The correct answer is B .
• Question 2086: In any set of data, median represents the Options:
  A) value that is most representative of the data
  B) mid-position when the values are arranged in ascending or descending order
  C) mid-position when the values are arranged randomly
  D) difference between the highest and the lowest values when arranged in ascending order
  Show Answer
  The correct answer is B .
• Question 2087: Merchants banks perform all the following functions EXCEPT? Options:
  A) raising of capital for industry
  B) provision of current account facilities
  C) management of investment portfolios
  D) provision of credit for overseas trade
  Show Answer
  The correct answer is B .
• Question 2088:

  The most important goal of OPEC is to?

  Options:
  A) present a united front for the purpose of raise prices of crude oil
  B) bring unity among the petroleum exporting countries
  C) ensure political stability among member states
  D) ensure that rules on quota production are strictly followed
  Show Answer
  The correct answer is D .
• Question 2089: An increase in government expenditure will lead to? Options:
  A) investment opportunities for foreign investors
  B) an increase in the level of aggregate demand
  C) an increase in total tax revenue
  D) reduction in total tax revenue
  Show Answer
  The correct answer is B .
• Question 2090: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .