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 2321: The value of money depends primarily on? Options:
  A) the gold backing of the currency
  B) the gold backing of both currency and deposit
  C) the general price level
  D) government decree that it is legal tender
  E) none of the above
  Show Answer
  The correct answer is C .
• Question 2322: Stock and shares as well as bonds are examples of instruments used in the? Options:
  A) commodity markets
  B) money markets
  C) capital markets
  D) security markets
  Show Answer
  The correct answer is D .
• Question 2323: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 2324: An economic system in wich the decision on what and how to produce is determined by the individual is called Options:
  A) capitalism
  B) communism
  C) Socialism
  D) traditionalism
  E) welfarism
  Show Answer
  The correct answer is E .
• Question 2325:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2326: An increase in the marginal cost of production causes Options:
  A) A downward movement along the supply curve
  B) A leftward shift of the supply curve
  C) A rightward shift of the supply curve
  D) An upward movement along the supply curve
  Show Answer
  The correct answer is D .
• Question 2327:

  Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`

  I Breaking the bulk

  Ii Packing the goods in smaller containers

  Iii Providing vital information

  Iv Grant credit facilities

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) i, ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 2328: The money market is a financial market that specializes in the provision of? Options:
  A) short-term loans
  B) medium-term loans
  C) long-term loans
  D) venture capital for development projects
  Show Answer
  The correct answer is A .
• Question 2329:

  One benefit a country can derive from the extraction of crude oil is increase in

  Options:
  A) population
  B) employment
  C) money supply
  D) demand for imports
  Show Answer
  The correct answer is B .
• Question 2330: In the long-run, a monopolist maximized his profit when the marginal cost equals? Options:
  A) total revenue
  B) marginal revenue
  C) average revenue
  D) price
  Show Answer
  The correct answer is D .