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 1741:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .
• Question 1742:

  Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

  Options:
  A) 70
  B) 47
  C) 74
  D) 40
  Show Answer
  The correct answer is C .
• Question 1743:

  The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________

  Options:
  A) Deflation
  B) Inflation
  C) Devaluation
  D) Revaluation
  Show Answer
  The correct answer is C .
• Question 1744:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1745: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
  Show Answer
  The correct answer is D .
• Question 1746:

  Which of the following countries is not a member of the Economic Community of West African States?

  Options:
  A) Sudan
  B) Gambia
  C) Togo
  D) Nigeria
  Show Answer
  The correct answer is A .
• Question 1747: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 1748: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 1749: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
  Show Answer
  The correct answer is D .
• Question 1750: One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to? Options:
  A) demand for increased special deposit
  B) decrease the cash ratio
  C) buy securities in the open market
  D) reduce the rate of interests at which banks borrow from it
  Show Answer
  The correct answer is A .