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 2341: Securities are described as listed when they are Options:
  A) mobilished as long-term debt instruments
  B) traded on a recognised stock market
  C) bought and sold purely for development purposes
  D) mobilized as short-term debt instruments
  Show Answer
  The correct answer is B .
• Question 2342: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 2343: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 2344: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 2345:

  

  In the diagram above, profit is maximized at the output level

  Options:
  A) ON
  B) OK
  C) OL
  D) OF
  Show Answer
  The correct answer is C .
• Question 2346:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2347: One of the most important factors that should be considered in the location of an industry is? Options:
  A) nearness to the financial centre
  B) assured patronage by government functionaries
  C) availabilities of inputs and market
  D) availabilities of adequate security
  Show Answer
  The correct answer is C .
• Question 2348:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 2349: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 2350:

  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 .