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 2231: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 2232: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .
• Question 2233: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
  Show Answer
  The correct answer is D .
• Question 2234: The foreign exchange market is a market where Options:
  A) graded commoditties like wheat, flour, etc are sold and bought
  B) currencies are sold and bought
  C) treasury bills are sold and bought
  D) government bonds are sold and bought
  E) treasury certificates are sold
  Show Answer
  The correct answer is B .
• Question 2235: The range of the data 14,13,15,18,20,35 and 13 is Options:
  A) 20
  B) 22
  C) 13
  D) 18
  Show Answer
  The correct answer is B .
• Question 2236: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 2237: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
  Show Answer
  The correct answer is C .
• Question 2238: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 2239:

  

  PN equals average revenue or marginal revenue cure of

  Options:
  A) An imperfect competitive firm
  B) a monopoly
  C) a perfectly competitive firm
  D) a monopolistic competitive firm
  Show Answer
  The correct answer is C .
• Question 2240: Which of the following is NOT a major function of a Central Bank? Options:
  A) Serving as Goverment''s bank
  B) Serving as bankers bank
  C) Acceptance of deposit from the public
  D) Responsibility for monetary policy
  E) Serving as lender of last resort
  Show Answer
  The correct answer is C .