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 2201:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 2202: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .
• Question 2203: Scarcity in economics means that? Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 2204:

  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 2205:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2206:

  An increase in money income with constant price results in

  Options:
  A) Outward shift in the budget line
  B) Inward parallel shift in the budget line
  C) Options A and C
  D) Budget line remain constant
  Show Answer
  The correct answer is A .
• Question 2207: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
  Show Answer
  The correct answer is C .
• Question 2208: If government in a fiscal year has its revenue receipts less than the expenditure, such country is having Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2209: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 2210:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  Options:
  A) 1.5:2
  B) 2:2
  C) 2:1.5
  D) 0.5:1.5
  Show Answer
  The correct answer is A .