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 681: If a society is operating on the production possibility curve, this implies that the resources are? Options:
  A) fully and efficiently utilized
  B) fully but inefficiently utilized
  C) efficiently but not fully utilized
  D) abundant
  Show Answer
  The correct answer is A .
• Question 682: A bank is said to be distressed when it? Options:
  A) is unable to deal with the Central Bank
  B) has a low level of capital base
  C) has low level of deposits
  D) experiences serious liquidity crisis
  Show Answer
  The correct answer is D .
• Question 683: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 684:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 685: By terms of trade, we mean the? Options:
  A) ratio of exports and imports
  B) differences between exports and imports
  C) differences between current account and capital account
  D) index of export prices to import prices expressed as a percentage
  E) ratio of short-term capital movements to long-term capital movements
  Show Answer
  The correct answer is D .
• Question 686: When an indirect tax is levied on the producer of a good, the burden on the consumer will depend largely on the? Options:
  A) elasticity of demand for the good
  B) proportion of the consumer's income spent on the good
  C) elasticities of demand and supply of the commodity
  D) availability of substitiutes for the commodity
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  The correct answer is A .
• Question 687: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
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  The correct answer is C .
• Question 688:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 689: If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to? Options:
  A) the size of population
  B) technical progress
  C) the environment
  D) the amount of natural resources
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  The correct answer is B .
• Question 690: Occupational mobility as applied to factors of production means the ease by which Options:
  A) factors can be transferred from one form of use to another
  B) resources can be transferred from one place to another
  C) resources can be transformed from one form to another
  D) factors can be transferred from one place to another
  Show Answer
  The correct answer is A .