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 1671: Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas? Options:
  A) The deregulation of the banking system
  B) The increase in the number of merchant banks
  C) The community banking scheme
  D) The deregulation of interest rate
  Show Answer
  The correct answer is C .
• Question 1672: A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is Options:
  A) supply curve
  B) liquidity preference
  C) Budget line
  D) demand curve
  Show Answer
  The correct answer is C .
• Question 1673: Liquidation of limited liability company implies that the? Options:
  A) company may not pay its debt
  B) debts of the company can only be paid from its own assets
  C) debts of the company are paid from both business and private funds of the owners
  D) debts of the company musts be paid from public funds only
  Show Answer
  The correct answer is B .
• Question 1674: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 1675: If prices fall in a perfectly competitive industry, the firms in that industry in the short run will? Options:
  A) not decrease in number
  B) keep output at the same level but make losses
  C) reduce production
  D) intensity the advertisement of their products
  Show Answer
  The correct answer is C .
• Question 1676: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 1677:

  $\begin{array}{ccc}Price(N)& 20& 16\\ \text{Quantity demanded}& 100& 58\end{array}$

  From the table above, the elasticity of supply is _____?

  Options:
  A) Inelastic supply
  B) Perfectly elastic
  C) Elastic supply
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 1678: The term ceteris paribus implies that Options:
  A) Resources are scarce
  B) Human problems can be solved
  C) Human beings are unpredictable
  D) All factors are fully utilized
  Show Answer
  The correct answer is D .
• Question 1679: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 1680: If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of? Options:
  A) increasing returns to the variable factor
  B) increasing returns to scale
  C) constant returns to variable factor
  D) external economies of scale
  Show Answer
  The correct answer is A .