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 1681:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 1682: The ability of commercial banks to create money depends on the Options:
  A) reserve ratio
  B) liquidity ratio
  C) interest rate
  D) capital base
  Show Answer
  The correct answer is A .
• Question 1683: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
  Show Answer
  The correct answer is C .
• Question 1684: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .
• Question 1685:

  The transfer of public share holding in corporations to private enterprise is___________?

  Options:
  A) Incorporation
  B) Concession
  C) Privatization
  D) Commercialization
  Show Answer
  The correct answer is C .
• Question 1686: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 1687: The main handicap of sole proprietorship is? Options:
  A) limited liability
  B) lack of technical know-how
  C) low profit margin
  D) inadequate capital
  Show Answer
  The correct answer is D .
• Question 1688: If the marginal propensity to save is 0.8, calculate the multiplier? Options:
  A) 1.25
  B) 5.00
  C) 1.30
  D) 2.25
  Show Answer
  The correct answer is A .
• Question 1689:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 1690: A company is said to be highly geared if the? Options:
  A) value of fixed interest loans is high compared with share capital
  B) Value of shared capital is high compared with fixed interest loans
  C) dividend rate is high
  D) interest rate is high
  Show Answer
  The correct answer is A .