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 221: The minimum amount which banks are required to deposit with the central bank is determined by the Options:
  A) liquidity ratio
  B) cash reserve ratio
  C) minimum lending rate
  D) aggregate credit ceiling
  Show Answer
  The correct answer is C .
• Question 222: 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 .
• Question 223:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 224: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 225: Gains from trade depends on? Options:
  A) comparative advantage
  B) absolute advantage
  C) distributive cost advantage
  D) absolute cost advantage
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  The correct answer is A .
• Question 226: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 227:

  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 228: ECOWAS secretariat is located in Options:
  A) Abuja, Nigeria
  B) Accra, Ghana
  C) Conakry, Guinea
  D) Freetown, Sierra Leone
  E) Monrovia, Liberia V
  Show Answer
  The correct answer is A .
• Question 229:

  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 230: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .