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 81:

  The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

  Options:
  A) granting long-term loans
  B) assisting with technical expertise
  C) reducing tariff among members
  D) developing human resource
  Show Answer
  The correct answer is C .
• Question 82: Petroleum 'glut' in international trade means Options:
  A) a fall in petroleum production
  B) an over supply of petroleum
  C) a higher petroleum price offered by the buyer
  D) a higher petroleum price demanded by the seller
  E) higher prices for the consumtion of petroleum
  Show Answer
  The correct answer is B .
• Question 83:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 84:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 85: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 86: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 87:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
  Show Answer
  The correct answer is C .
• Question 88: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
  Show Answer
  The correct answer is C .
• Question 89: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 90: The major role of NDIC is to Options:
  A) insure bank deposits
  B) regulate the activities of insurance companies
  C) ensure adequate capitalization of insurance companies
  D) accept customers' deposit
  Show Answer
  The correct answer is A .