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 2371: The major function of money market is to Options:
  A) provide funds for long-term financing
  B) provide funds short-term financing
  C) stabilize the value of the local currency
  D) stabilize domestic prices
  Show Answer
  The correct answer is B .
• Question 2372: Disposable income is total income Options:
  A) less tax
  B) divided by tax
  C) plus tax
  D) multiplied by tax
  Show Answer
  The correct answer is A .
• Question 2373:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 2374: The optimum population of a country is reached when Options:
  A) All factor of production have been fully employed
  B) The productive effort per man is at its highest with a given volume of resources
  C) The total population of a country increases
  D) The natural resources of a country increases
  E) The working population of a country increases
  Show Answer
  The correct answer is B .
• Question 2375:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 2376: In a free market economy, available resources are more efficiently allocated by complete reliance on? Options:
  A) development planning
  B) strategic planning
  C) capital budgeting
  D) price system
  Show Answer
  The correct answer is D .
• Question 2377: An important function of the retailer is to? Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 2378: If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to Options:
  A) technical progress
  B) size of the population
  C) amount of natural resources
  D) the environment
  E) the quality of human resources
  Show Answer
  The correct answer is C .
• Question 2379: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .
• Question 2380: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .