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 2761: One of the major advantages of public enterprises is that? Options:
  A) they are highly subsidize
  B) they are the largest employers of labour
  C) their operations are highly standardized
  D) they take prompt decisions and actions
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  The correct answer is A .
• Question 2762: When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be Options:
  A) Zero
  B) Greater than one
  C) One
  D) Between zero and infinity
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  The correct answer is C .
• Question 2763: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
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  The correct answer is A .
• Question 2764: A situation in which a commodity is sold abroad below its cost of production in the home country is known as? Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
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  The correct answer is A .
• Question 2765: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
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  The correct answer is C .
• Question 2766: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
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  The correct answer is A .
• Question 2767: An agreement among firms on price and segmentation is termed Options:
  A) cartel
  B) collusion
  C) haggling
  D) specialization
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  The correct answer is A .
• Question 2768:

  

  The lower half of the diagram indicates

  Options:
  A) the flow of goods and services
  B) payments for goods and services
  C) the flow of income
  D) government transactions
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  The correct answer is D .
• Question 2769: Which of the following is a characteristic of private enterprises? Options:
  A) business risks are borne by the buyers
  B) capital is provided by the public
  C) control and management of the business is in the hands of customer
  D) the business is owned and run by government
  E) The main aim of setting up the business is to maximize profit
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  The correct answer is E .
• Question 2770: when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following Options:
  A) a fall in income
  B) a rise in the price of a complement
  C) a fall in the price of substitute
  D) a change in taste against this commodity
  E) none of the above
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  The correct answer is E .