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 501: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 502: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 503: If a country has a balance of payments surplus on current account, this meansthat? Options:
  A) total invisible export is greater than invisible import
  B) the value of goods exported must be greater than the value of goods imported
  C) there must be a positive balance of capital account
  D) the aggregate of the balance of trade and the invisible balance must be positive
  Show Answer
  The correct answer is D .
• Question 504: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 505:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 506: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 507:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 508: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 509: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 510: If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county Options:
  A) 48%
  B) 64%
  C) 40%
  D) 52%
  Show Answer
  The correct answer is B .