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 2271: Short-term loans for investment are usually obtained through the Options:
  A) stock market
  B) development banks
  C) money market
  D) capital market
  Show Answer
  The correct answer is C .
• Question 2272: If the actual population in a country is less than the optimum population, then? Options:
  A) it is desirable to have a large population
  B) it is necessary to have an improved technology to sustain the population
  C) it is desirable to have a smaller population
  D) the available resources are inadequate to substain the population
  Show Answer
  The correct answer is A .
• Question 2273: Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs? Options:
  A) 20
  B) 15
  C) 50
  D) 30
  Show Answer
  The correct answer is A .
• Question 2274: If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is Options:
  A) unitary elastic
  B) zero elastic
  C) elastic
  D) inelastic
  Show Answer
  The correct answer is C .
• Question 2275: If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county Options:
  A) 48%
  B) 64%
  C) 40%
  D) 52%
  Show Answer
  The correct answer is B .
• Question 2276: The privatization exercise in Nigeria is a move towards a Options:
  A) mixed economy
  B) subsistence economy
  C) market economy
  D) command economy
  Show Answer
  The correct answer is C .
• Question 2277:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 2278: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .
• Question 2279: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 2280: A distribution is said to be positively skewed if it Options:
  A) has a long tail to the left
  B) has a long tail to the right
  C) is bimodal
  D) is bell-shaped
  Show Answer
  The correct answer is B .