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 731: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 732:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 733: The price mechanism Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 734: A disadvantage of a joint-stock company is? Options:
  A) unlimited liability
  B) limited liability
  C) continuity
  D) loss of controlling interest
  Show Answer
  The correct answer is D .
• Question 735: The main objectives of public expenditure does NOT include? Options:
  A) stabilization of national economy
  B) achievement of a more equitable income distribution
  C) meeting the social needs of the people
  D) revenue sharing and profit maximizationn
  Show Answer
  The correct answer is D .
• Question 736: Gresham's law in Economics shows that? Options:
  A) good drives out bad money
  B) bad money drives out good money
  C) the value of money varies inversely with the price level
  D) gold must be available to maintain the price of paper money
  Show Answer
  The correct answer is B .
• Question 737:

  Overpopulation is caused by

  Options:
  A) emigration
  B) disease
  C) low Literacy rates
  D) war and conflicts
  Show Answer
  The correct answer is C .
• Question 738: A country that is over-populated will face the problem of Options:
  A) Low birth rate
  B) Low per capita income
  C) High wage rate
  D) Full employment
  Show Answer
  The correct answer is B .
• Question 739: Short-term loans for investment are usually obtained through the Options:
  A) stock market
  B) development banks
  C) money market
  D) capital market
  Show Answer
  The correct answer is C .
• Question 740: If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x? Options:
  A) 7.0
  B) 6.0
  C) 8.5
  D) 8.0
  Show Answer
  The correct answer is A .