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 741: In the keynesian model? Options:
  A) the demand for money is inversely related to the rate of interest
  B) investment is directly related to the rate of interest
  C) investment is not related to the rate of interest to the rate of interest
  D) the demand for money is directly related to the rate of interest
  Show Answer
  The correct answer is D .
• Question 742: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .
• Question 743:

  Cooperative societies are formed mainly to

  Options:
  A) assist producers to maximize their profits
  B) encourage thrift and credit among members
  C) promote and maintain the welfare of members
  D) break the monopolies of private companies
  Show Answer
  The correct answer is C .
• Question 744: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 745: Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output? Options:
  A) N720.00
  B) N216.00
  C) N44.00
  D) N880.00
  Show Answer
  The correct answer is C .
• Question 746: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in Options:
  A) Paris, France
  B) Geneva, Switzerland
  C) Lagos, Nigeria
  D) Vienna, Austria
  Show Answer
  The correct answer is D .
• Question 747:

  

  Commercial banks can create money in the following ways

  Options:
  A) by issuing coins and paper money
  B) by borrowing money from Banks abroad
  C) by receiving deposits from individuals
  D) by printing money on the instructions of the Central Bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 748: Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to? Options:
  A) 10.20
  B) 3.57
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is C .
• Question 749: Taxes which are levied on a person’s expenditures are known as? Options:
  A) Purchase tax
  B) Sales tax
  C) Direct tax
  D) Poll tax
  E) Income tax
  Show Answer
  The correct answer is A .
• Question 750: What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? Options:
  A) Deregulation
  B) import substitution
  C) Tariff reduction
  D) Backward integration
  Show Answer
  The correct answer is B .