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 2901:

  Holding money to take care of contingencies is

  Options:
  A) a speculative motive
  B) a transactions motive
  C) a precautionary motive
  D) an expansionary motive
  Show Answer
  The correct answer is C .
• Question 2902: Production takes place when Options:
  A) output is transformed into input
  B) machines replace human effort
  C) input is transformed into output
  D) there is specialization and division of labour
  Show Answer
  The correct answer is C .
• Question 2903:

  The type of unemployment found among workers who leave their jobs in search of other jobs is termed

  Options:
  A) seasonal unemployment
  B) structural unemployment
  C) frictional unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 2904: Which of the following factors is the most important in siting a petrol-chemical plants? Options:
  A) Nearness to the source of raw materials
  B) Nearness to the source of power
  C) Availability of labour
  D) Proximity to financial institutions
  Show Answer
  The correct answer is A .
• Question 2905: A shift in supply curve indicates that a different quantity will be supplied at each possible price because? Options:
  A) consumers are willing to pay higher prices
  B) supply is facing competition
  C) other factors than price have changed
  D) price has changed
  Show Answer
  The correct answer is C .
• Question 2906: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 2907: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 2908: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
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  The correct answer is D .
• Question 2909: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 2910:

  

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .