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 751: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .
• Question 752: 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
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  The correct answer is A .
• Question 753: The international Bank for Reconstruction and Development is important to developing countries because it? Options:
  A) gives loans to member countries for legal proceedings
  B) offers grants and aid for defence
  C) offers loans to member countries for socio-economics activities
  D) offers grants and aid to finance luxury projects
  Show Answer
  The correct answer is C .
• Question 754: A major determinant of the demand for a luxury goods is Options:
  A) the price of the goods
  B) the price of other goods
  C) the income of consumers
  D) tastes and fashion
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  The correct answer is A .
• Question 755: Government participation in the oil industry was necessitated by the Options:
  A) annual increase in production
  B) formation of OPEC
  C) high demand for crude oil
  D) huge investment outlay
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  The correct answer is B .
• Question 756:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 757: The producer in a perfectly competitive market is faced with a demand curve whose elasticity is? Options:
  A) unitary
  B) greater than one
  C) infinite
  D) less than one
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  The correct answer is C .
• Question 758:

  

  The line Y in the diagram represents

  Options:
  A) total cost
  B) variable cost
  C) fixed cost
  D) marginal cost
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  The correct answer is C .
• Question 759:

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 760: One of the major advantages of specialization is that? Options:
  A) the worker becomes a tenderer of machines
  B) it causes more employment of labour
  C) less machinery is required for production
  D) the worker wastes less time between operations
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  The correct answer is D .