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 831: The merging of firms engage in different stages of production and marketing is called? Options:
  A) external economies of scale
  B) vertical intergration
  C) horizontal intergration
  D) economic unoin
  Show Answer
  The correct answer is B .
• Question 832: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 833:

  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 834:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 835:

  A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

  Options:
  A) Decrease, appreciation
  B) Increase, de-appreciation
  C) Decrease, depreciation
  D) Increase, consolidation
  Show Answer
  The correct answer is C .
• Question 836:

  

  In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by

  Options:
  A) TX
  B) RT
  C) ST
  D) TY
  Show Answer
  The correct answer is A .
• Question 837:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 838: The total amount of money in circulation includes cash? Options:
  A) and current account
  B) owned by banks and the non-bank public
  C) and current acount balances owned by banks and non-bank public
  D) owned by banks, the government and the non-bank public
  Show Answer
  The correct answer is C .
• Question 839: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
  Show Answer
  The correct answer is B .
• Question 840: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .