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:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 2082: The following are the objectives of economic planning EXCEPT Options:
  A) achieving balanced growth
  B) diversification of the economy
  C) creation of more employment opportunities
  D) equitable allocation of resources
  E) rapid population growth
  Show Answer
  The correct answer is E .
• Question 2083:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 2084:

  The form of capital that is required for the day-to-day running of production activities is called?

  Options:
  A) Fixed capital
  B) Social Capital
  C) Circulating capital
  D) Liquid capital
  Show Answer
  The correct answer is D .
• Question 2085:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 2086: National income at factor cost means national income at? Options:
  A) current prices
  B) nominal prices
  C) last year prices
  D) base year prices
  Show Answer
  The correct answer is A .
• Question 2087: The number of shareholders in a private limited liability company ranges from Options:
  A) two to seven
  B) two to three
  C) two to fifty
  D) two to twenty
  Show Answer
  The correct answer is C .
• Question 2088: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .
• Question 2089: The concentration of firms in one area is referred to as of ……………. industries. Options:
  A) location
  B) localization
  C) multiplication
  D) proliferation
  E) pluralization
  Show Answer
  The correct answer is B .
• Question 2090:

  $\frac{\sum f(x-x̄)}{N}$ is a formula used to calculate ____________

  Options:
  A) variance
  B) the quartile
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is D .