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: Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as? Options:
  A) speculative motive
  B) precautionary motive
  C) transactions motive
  D) investment motives
  E) rainy day motive
  Show Answer
  The correct answer is B .
• Question 502: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 503: A firm operating at full capacity will have a Options:
  A) perfectly inelastic supply curve
  B) perfectly elastic supply curve
  C) fairly elastic supply curve
  D) fairly inelastic supply curve
  Show Answer
  The correct answer is A .
• Question 504: If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to Options:
  A) technical progress
  B) size of the population
  C) amount of natural resources
  D) the environment
  E) the quality of human resources
  Show Answer
  The correct answer is C .
• Question 505: An economic problem exists whenever Options:
  A) there is scacity and choice
  B) there are no buyers for our goods
  C) there are too many sellers
  D) many people are out of work
  E) all raw materials are imported
  Show Answer
  The correct answer is A .
• Question 506: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
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  The correct answer is C .
• Question 507: Which sector can you say is growing fastest in the Nigeria economy? Options:
  A) Agriculture
  B) Industry
  C) Education
  D) Transport
  E) Labour
  Show Answer
  The correct answer is C .
• Question 508: If elasticity of demand is greater than I and less than infinity, demand is said to be Options:
  A) elastic
  B) perfectly inelastic
  C) inelastic
  D) perfectly elastic
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  The correct answer is A .
• Question 509: The raising of funds by selling stocks to the public is called Options:
  A) equity financing
  B) deficit financing
  C) loan financing
  D) debt financing
  Show Answer
  The correct answer is A .
• Question 510: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .