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 881: People hold money for? Options:
  A) charity
  B) safe keeping
  C) profit making
  D) speculative purposes
  Show Answer
  The correct answer is D .
• Question 882:

  Let capital formation = CF, Production = P, C = consumption. Then CF =_______

  Options:
  A) P - C
  B) P + C
  C) PC
  D) P/C
  Show Answer
  The correct answer is A .
• Question 883: The rate of exchange between a domestic and a foreign currency is defined as the? Options:
  A) terms of trade
  B) domestic currency price of a unit of the foreign currency
  C) foreign currency price of gold
  D) domestic currency price of gold
  Show Answer
  The correct answer is B .
• Question 884: Opportunity cost is a term which describe Options:
  A) The initial cost of setting up a business venture
  B) Cost of one product in terms of foregone production of others
  C) The monetary equivalent of the utility of commodity
  D) Cost related to an optimum level of production
  E) Implicit cost
  Show Answer
  The correct answer is B .
• Question 885: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 886: If quantity supplied is constant irrespective of price changes, the supply elasticity is Options:
  A) unitary
  B) infinity
  C) fairly elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 887: In any set of data, median represents the Options:
  A) value that is most representative of the data
  B) mid-position when the values are arranged in ascending or descending order
  C) mid-position when the values are arranged randomly
  D) difference between the highest and the lowest values when arranged in ascending order
  Show Answer
  The correct answer is B .
• Question 888: One way of correcting the balance of payments problem of a country is to? Options:
  A) introduce import-promotion measures
  B) buy investments abroad
  C) devalue the currency
  D) de-emphasize import-substitution industries
  Show Answer
  The correct answer is B .
• Question 889:

  The business risks of a public corporation are borne ultimately________

  Options:
  A) by the government
  B) by the treasury
  C) by the rate payers
  D) by the tax payers
  Show Answer
  The correct answer is D .
• Question 890: Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity? Options:
  A) Both the price and the quantity fall
  B) The price rise and the quantity falls
  C) The price falls and the quantity rises
  D) Both the price and the quantity rise
  Show Answer
  The correct answer is D .