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:

  

  In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

  Options:
  A) 23 and 20
  B) 22 and 19
  C) 14 and 19
  D) 11 and 20
  Show Answer
  The correct answer is B .
• Question 2132: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 2133: Money becomes a very poor store of value in a period of Options:
  A) Deflation
  B) Stable prices
  C) Recession
  D) Inflation
  E) Harvest
  Show Answer
  The correct answer is D .
• Question 2134: When the government fix the price of essential commodities, this is referred to as: Options:
  A) Price equilibrium
  B) Price control
  C) Demanded price
  D) Asking price
  Show Answer
  The correct answer is B .
• Question 2135: One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to? Options:
  A) demand for increased special deposit
  B) decrease the cash ratio
  C) buy securities in the open market
  D) reduce the rate of interests at which banks borrow from it
  Show Answer
  The correct answer is A .
• Question 2136:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .
• Question 2137: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .
• Question 2138: The division of labour requires that the task to be performed Options:
  A) must be done in stages
  B) requires no special knowledge
  C) is simple but strenuous
  D) must be undertaken by experts
  Show Answer
  The correct answer is A .
• Question 2139: Which of the following budgets will increase government expenditure? Options:
  A) zero base budget
  B) surplus budget
  C) deficit budget
  D) balanced policy
  Show Answer
  The correct answer is C .
• Question 2140: Which of the following is NOT strictly included In the study of economics? Options:
  A) The study of wants
  B) The study of choice
  C) Whether a particular want satisfies a good or bad purpose
  D) The study of scarcity
  E) The study of substitution
  Show Answer
  The correct answer is C .