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 451: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 452: The average product of labour in a given period is obtained by dividing the? Options:
  A) number of workers by the total product
  B) total product by the number of hours actually worked
  C) change in total product by the change in the number of workers
  D) total product by the number of workers
  Show Answer
  The correct answer is D .
• Question 453:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 454:

  The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

  Options:
  A) Commercial bank
  B) Central bank
  C) Mortgage bank
  D) Merchant bank
  Show Answer
  The correct answer is B .
• Question 455: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 456: Which of the following is not an asset of a commercial bank? Options:
  A) cash
  B) money at call
  C) treasury bills
  D) reserve funds
  E) loans and over-draft
  Show Answer
  The correct answer is B .
• Question 457: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 458: The total amount of money in circulation includes cash? Options:
  A) and current account
  B) owned by banks and the non-bank public
  C) and current acount balances owned by banks and non-bank public
  D) owned by banks, the government and the non-bank public
  Show Answer
  The correct answer is C .
• Question 459:

  When a country's population is experiencing increasing returns, that country is said to be?

  Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) under-populated
  Show Answer
  The correct answer is D .
• Question 460: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .