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 2161: Other products gotten from Petroleum include the following EXCEPT: Options:
  A) Rubber
  B) fuel
  C) paints
  D) insecticides
  Show Answer
  The correct answer is A .
• Question 2162: Technical progress that leads to a reduction in costs results in? Options:
  A) an increase in equilibrium price and quantity
  B) a decrease in equilibrium price and quantity
  C) an increase in equilibrium price and decrease in equilibrium quantity
  D) a decrease in equilibrium price and increase in equilibrium quantity
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  The correct answer is D .
• Question 2163: Which of the following is not a direct tax? Options:
  A) company income tax
  B) capital tax
  C) purchase tax
  D) personal income tax
  E) capital gain tax
  Show Answer
  The correct answer is C .
• Question 2164: External finance for a limited liability company is mainly sourced through? Options:
  A) the leasing equipment
  B) the issuing of shares
  C) trade credits
  D) banks loans
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  The correct answer is A .
• Question 2165: A possible factor which limits the extent of growth of a firm is the? Options:
  A) existence of a monoploy
  B) bureaucratic delays in decision-making
  C) use of by-products
  D) unwillingness to share ownership and control
  Show Answer
  The correct answer is D .
• Question 2166: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
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  The correct answer is C .
• Question 2167: The money market is a financial market that specializes in the provision of? Options:
  A) short-term loans
  B) medium-term loans
  C) long-term loans
  D) venture capital for development projects
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  The correct answer is A .
• Question 2168:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
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  The correct answer is C .
• Question 2169: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
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  The correct answer is B .
• Question 2170:

  Money could be defined as

  Options:
  A) Options A, B and C
  B) Medium of exchange
  C) Settlement of debt
  D) Medium of payment
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  The correct answer is A .