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 671:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 672: For a firm, value added can be defined as the difference between the Options:
  A) input prices and product prices
  B) value of its output and inputs purchased from other firms
  C) value of its output and the cost of production
  D) total revenue and total cost
  Show Answer
  The correct answer is B .
• Question 673: 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 674: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
  Show Answer
  The correct answer is C .
• Question 675:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 676: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 677:

  When a member's currency is declared "scarce", it is the duty of the IMF to______

  Options:
  A) suspend the member state indefinitely
  B) ban all exports from that state
  C) suspend dealings in that currency for one year
  D) ration it among the countries demanding it
  Show Answer
  The correct answer is D .
• Question 678:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 679:

  The sector which contribute highly to the economy is___________

  Options:
  A) Primary sector
  B) Secondary sector
  C) Tertiary sector
  D) Education sector
  Show Answer
  The correct answer is A .
• Question 680: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .