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 2131:

  Which of the following is used by the central bank to control the rate of interest

  Options:
  A) bill of exchange
  B) banker's order
  C) fixed deposit account
  D) open market operation
  Show Answer
  The correct answer is D .
• Question 2132:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2133: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .
• Question 2134: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .
• Question 2135:

  

  In the diagram above, what is the excess demand at the price of ₦60

  Options:
  A) 200
  B) 300
  C) 600
  D) 100
  Show Answer
  The correct answer is B .
• Question 2136: The sign of the slope of a graph in economic analysis is important because it Options:
  A) shows whether a good is normal or inferior
  B) shows the relationship between variables
  C) reveals the magnitude of the change between variables
  D) helps to determine the unit of measurement of variables
  Show Answer
  The correct answer is D .
• Question 2137:

  Use the table below to answer the question below:

  Market Demand Schedule for Commodity X:

  $\begin{array}{cc}\text{ Price N}& \text{Quantity(Million units)}\\ 60& 100\\ 50& 140\\ 40& 220\\ 30& 260\\ 20& 300\\ 10& 340\end{array}$

  If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

  Options:
  A) 0.62
  B) 0.73
  C) 1.00
  D) 1,50
  Show Answer
  The correct answer is B .
• Question 2138: The price of a good will not be affected by the imposition of a sales tax on it if the? Options:
  A) supply is inelastic
  B) demand is inelastic
  C) supply is perfectly elastic
  D) demand is perfectly elastic
  Show Answer
  The correct answer is D .
• Question 2139: An increase in the discount rate is an indication of a central bank's intention to pursue? Options:
  A) an expansionary monetary policy
  B) a disciplined monetary policy
  C) a dynamic monetary policy
  D) a contractionary monetary policy
  Show Answer
  The correct answer is A .
• Question 2140:

  The term M ${}^3$ comprises M ${}^1$ together with deposits on deposit account held by_______

  Options:
  A) banks only
  B) discount houses only
  C) banks and discount houses
  D) banks, discount houses and stock, exchanges
  Show Answer
  The correct answer is C .