Economics 2020 Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

1. Scarcity in economics means?

  • A. human wants are limitless
  • B. the economy has very few resources
  • C. the economy can scarcely produce anything
  • D. resources are limited in relation to wants


2. Economics is often described as a social science because?

  • A. laboratory experiments are performed
  • B. It makes use of controlled experiments
  • C. It uses scientific methods to explain an observed phenomenon and predict future events
  • D. It makes use of fieldwork

3. Which of the following is an example of an invisible item on the balance of payments account?

  • A. shipping and aviation
  • B. exports and imports
  • C. merchandise
  • D. Bullion

4.  A major factor affecting the value of money is the?

  • A. price level
  • B. banking habits
  • C. transaction motive
  • D. divisible nature of money

5. The Nigerian bank for commerce and industry is?

  • A. a commercial bank
  • B. a development bank
  • C. an industrial bank
  • D. a merchant bank

6. To control inflation, the monetary authorities of a country can

  • A. reduce taxes
  • B. advise the government to increase its expenditure
  • C. engage in expansive monetary policies
  • D. engage in restrictive monetary policies

7. Which of the following is used by the central bank to control the rate of interest?

  • A. bill of exchange
  • B. banker’s order
  • C. fixed deposit account
  • D. open market operation

8. What form of market is found in an imperfect competition where there are few buyers and many sellers

  • A. monopoly
  • B. oligopoly
  • C. duopoly
  • D. oligopsony

9. A budget with a projected revenue in excess of its expenditure is said to be?

  • A. balanced
  • B. surplus
  • C. deficit
  • D. inflationary

10. In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

  • A. elastic
  • B. inelastic
  • C. perfectly elastic
  • D. unitary elastic

11. If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

  • A. 0.20
  • B. 0.80
  • C. 1.25
  • D. 2.00

12. The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

  • A. frictional
  • B. cyclical
  • C. residual
  • D. hidden

13. Collectivism refers to the management of state enterprises in a?

  • A. mixed economy
  • B. co-operative organizations
  • C. capitalist economic system
  • D. socialist economy

14. Efficiency in production means?

  • A. reducing the size of the work force
  • B. producing a given output with the lowest cost of combination of factors of production
  • C. adoption of capital-intensive technology
  • D. increasing the quantity of the fixed factors of production

15. In economic life, the choice among alternatives depends on the?

  • A. income of the decision maker
  • B. scarcity of resources
  • C. the scale of preference of the decision-maker
  • D. status of the decision maker
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