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: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
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  The correct answer is D .
• Question 152: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
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  The correct answer is B .
• Question 153: The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the? Options:
  A) availability of market and most of the raw materials required
  B) availability of the necessary machinery required
  C) experience of Nigerian producers
  D) relatively lower cost of production of such goods
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  The correct answer is A .
• Question 154: By terms of trade, we mean the? Options:
  A) ratio of exports and imports
  B) differences between exports and imports
  C) differences between current account and capital account
  D) index of export prices to import prices expressed as a percentage
  E) ratio of short-term capital movements to long-term capital movements
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  The correct answer is D .
• Question 155: One of the major advantages of specialization is that? Options:
  A) the worker becomes a tenderer of machines
  B) it causes more employment of labour
  C) less machinery is required for production
  D) the worker wastes less time between operations
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  The correct answer is D .
• Question 156: One of the functions of commercial banks is Options:
  A) maintaining stable price in the economy
  B) regulating monetary policies
  C) granting loans to customers
  D) issuing bank notes and coins
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  The correct answer is C .
• Question 157: The major objective of a revenue allocation formula in a country is to Options:
  A) share revenue between the different tiers of government
  B) divert revenue from areas of surplus to areas of need
  C) ensures the financial viability of the country
  D) share revenue between the public and private factors
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  The correct answer is A .
• Question 158:

  

  If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are

  Options:
  A) complementary goods
  B) substitutes
  C) inferior goods
  D) luxury goods
  Show Answer
  The correct answer is B .
• Question 159: If there is an increase in demand without a corresponding increase in supply, there will be a Options:
  A) rise in price
  B) shift in demand curve to the left
  C) fall in price
  D) shift in supply curve to the right
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  The correct answer is A .
• Question 160:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .