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 341: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ? Options:
  A) debentures
  B) preference shares
  C) ordinary shares
  D) participating preference shares
  E) old shares
  Show Answer
  The correct answer is C .
• Question 342: A major determinant of the demand for a luxury goods is Options:
  A) the price of the goods
  B) the price of other goods
  C) the income of consumers
  D) tastes and fashion
  Show Answer
  The correct answer is A .
• Question 343: In the equation Q = a - bp + e; Q and P are .... Variables respectively. Options:
  A) constant and dependent
  B) dependent and independent
  C) error term and independent
  D) independent and constant
  E) independent and dependent
  Show Answer
  The correct answer is E .
• Question 344: The most acceptable economic measure for trade protection is to? Options:
  A) improve standards of living
  B) protect infant industries
  C) safegard strategic industries
  D) promote foreign trade
  Show Answer
  The correct answer is B .
• Question 345:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 346: A capital market differs from the money market in that in the former? Options:
  A) loan sought is short term
  B) loan reayment is guaranteed
  C) loan sought is long term
  D) the percentage of interest chargedis more
  Show Answer
  The correct answer is C .
• Question 347: A change in National Income brought about by a given change in investment Is Options:
  A) APC
  B) APS
  C) MPC
  D) MPS
  E) The multiplier
  Show Answer
  The correct answer is E .
• Question 348:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 349:

  The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________

  Options:
  A) deductive reasoning
  B) positive reasoning
  C) normative reasoning
  D) inductive reasoning
  Show Answer
  The correct answer is D .
• Question 350:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .