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 921: The value of the multiplier depends on? Options:
  A) MPC and level of income
  B) level of personal income
  C) level of personal savings
  D) government policy and MPC
  Show Answer
  The correct answer is D .
• Question 922: If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves? Options:
  A) N2000
  B) N18 000
  C) N12 000
  D) N8 000
  Show Answer
  The correct answer is D .
• Question 923: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 924: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 925:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .
• Question 926: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
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  The correct answer is D .
• Question 927: The price index is calculated as Options:
  A) $\frac{\text{weighted price}}{\text{current price}}$ x $\frac{100}{1}$
  B) $\frac{\text{base year price}}{\text{current price}}$ x $\frac{100}{1}$
  C) $\frac{\text{current price}}{\text{weighted price}}$ x $\frac{100}{1}$
  D) $\frac{\text{current price}}{\text{base year price}}$ x $\frac{100}{1}$
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  The correct answer is D .
• Question 928:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 929: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
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  The correct answer is A .
• Question 930: In order to reduce hardship faced by consumers due to high prices government can introduce Options:
  A) maximum prices
  B) commodity boards
  C) minimum prices
  D) price control boards
  Show Answer
  The correct answer is A .