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 301:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 302: The group of people engaged in banking or insurance services by occupational distributions are classified as? Options:
  A) primary producers
  B) secondary producers
  C) tertiary producers
  D) technical producers
  Show Answer
  The correct answer is C .
• Question 303: The practice of selling goods overseas and often below the cost of production is known as Options:
  A) retailing
  B) dumping
  C) internal trade
  D) advertising
  Show Answer
  The correct answer is B .
• Question 304: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 305: The main disadvantages of deflationary policies is Options:
  A) full employment in the country
  B) increasing cost of living
  C) improved standard of living
  D) unemployment in the country
  E) under employment in the country
  Show Answer
  The correct answer is D .
• Question 306: The bank established to finances project aimed at promoting economic and social development within the African continent is Options:
  A) African bank for commerce and industry
  B) African development bank
  C) economic bank for African
  D) recovery fund bank for Africa
  E) Africa currency board bank
  Show Answer
  The correct answer is B .
• Question 307:

  

  The point x inside the PPC indicates

  Options:
  A) resources are fully utilized
  B) the country is poor
  C) some resources are idle
  D) resources are not available
  Show Answer
  The correct answer is C .
• Question 308: Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to? Options:
  A) 10.20
  B) 3.57
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is C .
• Question 309:

  

  In the diagram III refers to the calculationof national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 310: The current industrial development strategy in Nigeria is aimed at encouraging Options:
  A) small-scale industries
  B) medim-scale industries
  C) small-and medium-scale industries
  D) medium-and large-scale industries
  Show Answer
  The correct answer is C .