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 2101:

  A major factor affecting the value of money is the?

  Options:
  A) price level
  B) banking habits
  C) transaction motive
  D) divisible nature of money
  Show Answer
  The correct answer is A .
• Question 2102:

  Public corporation is financed with

  Options:
  A) Capital raised from shareholders
  B) Tax payer's money
  C) Capital raised from stock exchange
  D) Capital contributed by owners
  Show Answer
  The correct answer is B .
• Question 2103:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  From the table, it can be deduced that?

  Options:
  A) Nigeria should produce cocoa and lace
  B) Austria should produce cocoa and lace
  C) Nigeria can benefit from producing lace only
  D) Nigeria should not produce any of the products because of her relative disadvantages
  E) Austria should produce lace and Nigeria should produce cocoa
  Show Answer
  The correct answer is E .
• Question 2104: which of the following measures can be used to control inflation? Options:
  A) decrease in bank rate
  B) Decrease in taxation
  C) deficit budget
  D) Export drive
  E) Increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 2105: Liquidity preference refers to the? Options:
  A) needs to borrow money for short periods to meet some temporary crises
  B) wish to hold more funds for precautionary purpose
  C) need to increase the money supply in order to lower the interest rate
  D) demand to hold money as assets rather than as stocks
  Show Answer
  The correct answer is D .
• Question 2106: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .
• Question 2107: When Elasticity of Demand is greater than one, the demand is Options:
  A) perfectly elastic
  B) unitary elastic
  C) zero elastic
  D) inelastic
  E) elastic
  Show Answer
  The correct answer is E .
• Question 2108:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 2109:

  

  Calculate the marginal physical product of the last unit of input

  Options:
  A) 0
  B) 2
  C) 4
  D) 10
  Show Answer
  The correct answer is B .
• Question 2110: Which of the following is NOT a part of the fixed costs of a limited liability company? Options:
  A) Interest on loans
  B) Rent on buildings
  C) Depreciation reserves
  D) Management expenditure
  E) Wages
  Show Answer
  The correct answer is E .