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 91:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 92: When a union is composed of workers with the same skill,it is termed Options:
  A) a technical union
  B) a craft union
  C) an industrial union
  D) a workers' union
  Show Answer
  The correct answer is B .
• Question 93:

  

  If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is

  Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 94: the type of business finance that entitle the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture stock
  D) bank loan
  Show Answer
  The correct answer is A .
• Question 95:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 96: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 97: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .
• Question 98: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .
• Question 99:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 100: The basic purpose of imposing legal reserve requirements on commercial bank is to? Options:
  A) assure the profitability of commercial banks
  B) provide a device through which credit creation by banks can be controlled
  C) provide a proper ratio between earning and non-earning bank assets
  D) provide the Central Bank with working capital
  Show Answer
  The correct answer is B .