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 251: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 252:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .
• Question 253: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
  Show Answer
  The correct answer is A .
• Question 254:

  Which of the following factors is not a cause of diminishing returns?

  Options:
  A) Increase in variable inputs
  B) Land fragmentation
  C) Constant technology
  D) Technological innovations
  Show Answer
  The correct answer is D .
• Question 255:

  

  In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is

  Options:
  A) 4 for Ghana; 2 for Nigeria
  B) 20 for Ghana; 60 for Nigeria
  C) $\frac{1}{4}$ for Ghana; $\frac{1}{2}$ for Nigeria
  D) 5 for Ghana; 30 for Nigeria
  Show Answer
  The correct answer is C .
• Question 256: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
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  The correct answer is A .
• Question 257: Macroeconomics is a study of economics science from the point of view of? Options:
  A) resource markets or production units
  B) individual producers or consumers
  C) aggregate or general economy
  D) companies or individual firms
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  The correct answer is C .
• Question 258: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
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  The correct answer is C .
• Question 259: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .
• Question 260:

  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 .