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 2831:

  

  From the table above, find the values of E and F respectively

  Options:
  A) 27 and 1
  B) 68 and 12
  C) 28 and 5
  D) 12 and 19
  Show Answer
  The correct answer is A .
• Question 2832: If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is Options:
  A) unitary elastic
  B) zero elastic
  C) elastic
  D) inelastic
  Show Answer
  The correct answer is C .
• Question 2833: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
  Show Answer
  The correct answer is C .
• Question 2834: An increasein liquid reserve requirements by the central bank of Nigeria will result in Options:
  A) a reduction in commercial banks' excess reserves
  B) more commercial bank loan to members of the public
  C) an increase in commercial banks excess reserves
  D) no change in commercial banks excess reserves
  E) a reduction in central banks gold reserves
  Show Answer
  The correct answer is C .
• Question 2835: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
  Show Answer
  The correct answer is A .
• Question 2836:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 2837: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 2838: Malthus became famous through his theory which may be stated simply Options:
  A) the death rate may become so high that people may not be able to produce
  B) population may outgrow the means of subsistence
  C) people will eventually decide not to have children
  D) migration of people from one place to another may leave some parts of the world barren
  E) all of the above
  Show Answer
  The correct answer is B .
• Question 2839: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
  Show Answer
  The correct answer is A .
• Question 2840: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .