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 541: An effective way of controlling inflation in a mixed economy is to Options:
  A) increase productivity
  B) reduce income tax
  C) ration available output
  D) increase imports
  Show Answer
  The correct answer is A .
• Question 542: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
  Show Answer
  The correct answer is A .
• Question 543: If the coefficient of price elasticity of supply is greater than one, the supply is said to be Options:
  A) perfectly elastic
  B) fairly inelastic
  C) infinitely inelastic
  D) fairly elastic
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  The correct answer is D .
• Question 544: A straight line indifference curve indicates that the two products are Options:
  A) normal goods
  B) inferior goods
  C) perfect substitutes
  D) close substitutes
  Show Answer
  The correct answer is C .
• Question 545: In the long run, a firm in a perfectly competitive market will make? Options:
  A) normal profit
  B) adnormal profit
  C) marginal profit
  D) no profit
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  The correct answer is A .
• Question 546: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .
• Question 547:

  A  capital market differs from the money market in that in the former ________?

  Options:
  A) The percentage of interest charged is more
  B) Loan sought is long term
  C) Loan repayment is guaranteed
  D) Loan sought is short-term
  Show Answer
  The correct answer is B .
• Question 548: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
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  The correct answer is D .
• Question 549: Which of the following is not a component of national income at factor cost? Options:
  A) Wages earned by doctor
  B) Rent paid to landlords
  C) Indirect tax
  D) Undistributed company profits
  E) Interest on loan
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  The correct answer is C .
• Question 550: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
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  The correct answer is B .