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 31: The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is Options:
  A) motive
  B) aim
  C) determination
  D) self discipline
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 32: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 33:

  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 34: Petro-chemical industries are located in the Rivers State of Nigeria because of ________? Options:
  A) favourable soil
  B) coal deposit
  C) crude oil deposit
  D) favourable climate
  Show Answer
  The correct answer is C .
• Question 35:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 36: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 37:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .
• Question 38: In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ? Options:
  A) quantity discounts allowed final consumer
  B) reward for business enterpreneurship
  C) effectiveness of government control over the economy's marketing channels
  D) extent of exploitation of the final consumer
  Show Answer
  The correct answer is B .
• Question 39: An economic system where both the public and individuals own and control means of production is known as ……… system Options:
  A) capitalism
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .
• Question 40: One of the techniques for rectifying a deficit balance of payment is? Options:
  A) import promotion
  B) devaluation
  C) physical intervention
  D) borrowing from abroad
  Show Answer
  The correct answer is B .