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 2251: 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 2252: The International Monetary Fund (IMF) was set up mainly to Options:
  A) cater for financial needs of developed countries
  B) create conditions favourable for the growth of world trade
  C) create favourable balance of payment
  D) develop domestic trade
  E) offset foreign debts only
  Show Answer
  The correct answer is B .
• Question 2253: A continuous increase in national income accompanied by the structural transformation of all indices is called Options:
  A) economic planning
  B) economic growth
  C) economic reforms
  D) economic development
  Show Answer
  The correct answer is D .
• Question 2254:

  If commodities X and Y are substitute, their cross elasticity of demand will be

  Options:
  A) One
  B) positive
  C) negative
  D) zero
  Show Answer
  The correct answer is B .
• Question 2255: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
  Show Answer
  The correct answer is C .
• Question 2256: The voting power in co-operative societies is vested on Options:
  A) management
  B) members without loan
  C) shareholders
  D) members with the highest contribution
  Show Answer
  The correct answer is C .
• Question 2257:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .
• Question 2258:

  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 2259: When elasticity is zero, the demand curve is Options:
  A) Perfectly elastic
  B) Perfectly inelastic
  C) Concave
  D) Downward slopping
  E) Circular
  Show Answer
  The correct answer is B .
• Question 2260: Under perfect competition, the long-run equilibrium requires? Options:
  A) MR = MC
  B) MR = AC = AR
  C) MR > MC
  D) MR = MC = AR = AC
  E) AR = AC
  Show Answer
  The correct answer is D .