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 2091: The best way to reduce the supply of money in the economy is to? Options:
  A) increase the liquidity ratio
  B) increase the number of bank-notes and cheques produced
  C) decrease treasury bills
  D) liberalize access to credit
  Show Answer
  The correct answer is A .
• Question 2092:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2093: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 2094:

  

  If in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

  Options:
  A) fall because there is a surplus
  B) remain constant because it is the equilibrium price
  C) rise because there is a shortage
  D) double
  Show Answer
  The correct answer is A .
• Question 2095: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .
• Question 2096: Which of the following is NOT a reason for the absence of an industry in the rural areas? Options:
  A) Absence of financial institution
  B) restricted market
  C) inadequate power and water supply
  D) inadequate transportation
  E) presence of external economies
  Show Answer
  The correct answer is A .
• Question 2097:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2098: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .
• Question 2099: The main differences between money market and capital market is that money markets Options:
  A) acts as advisers to investor while capital markets teleguides
  B) are owned by individuals, while capital markets are owned by government
  C) accepts collateral, while capital markets does not accept such
  D) accepts funds while capital markets disburse fun to investors
  E) provide short term loans, while capital markets provide long-term loans
  Show Answer
  The correct answer is E .
• Question 2100: Firms are often set up close to each other in order to take advantage of? Options:
  A) supply or skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .