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 331: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
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  The correct answer is B .
• Question 332: Capital provided by individuals to the firm by purchasing stocks is called? Options:
  A) debt capital
  B) fixed capital
  C) circulating capital
  D) equlity capital
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  The correct answer is D .
• Question 333:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
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  The correct answer is D .
• Question 334: A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as Options:
  A) comprehensive planning
  B) indicative planning
  C) perspective planning
  D) regional planning
  E) sectors planning
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  The correct answer is A .
• Question 335: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
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  The correct answer is D .
• Question 336: One of the most important factors that should be considered in the location of an industry is? Options:
  A) nearness to the financial centre
  B) assured patronage by government functionaries
  C) availabilities of inputs and market
  D) availabilities of adequate security
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  The correct answer is C .
• Question 337:

  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
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  The correct answer is B .
• Question 338: A discount house is a market where Options:
  A) various bills are exchanged
  B) short-term and medium-term loans are obtained
  C) shares are bought and sold
  D) short-term loans are obtained
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  The correct answer is A .
• Question 339: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
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  The correct answer is B .
• Question 340: An inflation that co-exists with high rate of unemployment is Options:
  A) hyperinflation
  B) stagflation
  C) demand-pull inflation
  D) cost-push inflation
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  The correct answer is A .