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: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .
• Question 882: Statistical information available in most West African countries suggests that? Options:
  A) the marginal propensity to save is high
  B) the marginal propensity to consume is high
  C) the consumption pattern is negative
  D) there exists perfect correlation between consumption and savings
  Show Answer
  The correct answer is B .
• Question 883: In the equation MV = PT; V stand for Options:
  A) velocity of circulation of money
  B) velocity of price change
  C) volume of goods produced
  D) volume of money
  E) volume of transaction
  Show Answer
  The correct answer is B .
• Question 884:

  Occupational distribution of information is mainly influenced by___________

  Options:
  A) economic factor
  B) religious factor
  C) geographical factor
  D) social factor
  Show Answer
  The correct answer is A .
• Question 885: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 886: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 887:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 888: If a firm doubles all inputs in the long run and the total output is less than doubled, this results in Options:
  A) diminishing returns
  B) constant returns to scale
  C) increasing returns to scale
  D) decreasing returns to scale
  Show Answer
  The correct answer is D .
• Question 889: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .
• Question 890:
  

  The diagram above represent

  Options:
  A) Supply curve
  B) Production possibility curve
  C) indifference curve
  D) Demand curve
  Show Answer
  The correct answer is B .