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 151: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 152: Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20 Options:
  A) 36.60
  B) 22.00
  C) 30.60
  D) 26.00
  Show Answer
  The correct answer is B .
• Question 153: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 154: Which of the following factors is the most important in siting a petrol-chemical plants? Options:
  A) Nearness to the source of raw materials
  B) Nearness to the source of power
  C) Availability of labour
  D) Proximity to financial institutions
  Show Answer
  The correct answer is A .
• Question 155:

  The savings deposit in a commercial bank is called____________?

  Options:
  A) near money
  B) call money
  C) capital
  D) fund
  Show Answer
  The correct answer is C .
• Question 156: Mobility of labour is higher when there Options:
  A) is a monopoly of jobs in one location
  B) is intense competition for jobs in the same location
  C) are alternative jobs in the same location
  D) are no alternative jobs in the same location
  Show Answer
  The correct answer is C .
• Question 157: Which of the following sets fully represents factors of production? Options:
  A) Sunlight, machinery, man , land,
  B) Land, labour, capital, enterprise, technology
  C) Capital, technology, idaes, markets, land
  D) Land, water, weather
  E) Money, market , middlemen
  Show Answer
  The correct answer is B .
• Question 158: The major problem confronting a sole proprietor is Options:
  A) high level of risk
  B) limited expertise
  C) limited source of capital
  D) high taxation
  Show Answer
  The correct answer is C .
• Question 159: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 160: A production function relates? Options:
  A) cost to output
  B) wages to profit
  C) cost to input
  D) output to input
  Show Answer
  The correct answer is D .