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 1: Excess supply over demand will place a price advantage on _____ Options:
  A) government
  B) foreign investors
  C) suppliers
  D) consumers
  Show Answer
  The correct answer is D .
• Question 2: If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is? Options:
  A) 25
  B) 80
  C) 100
  D) 125
  Show Answer
  The correct answer is D .
• Question 3: The basic aim of Economic Community of West African States is the Options:
  A) discouragement of trade among member states
  B) encouragement of revolts against former colonial masters
  C) establishment of its headquarters in each members state
  D) liberalization of trade among member states
  Show Answer
  The correct answer is D .
• Question 4: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 5: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .
• Question 6: The sign of the slope of a graph in economic analysis is important because it Options:
  A) shows whether a good is normal or inferior
  B) shows the relationship between variables
  C) reveals the magnitude of the change between variables
  D) helps to determine the unit of measurement of variables
  Show Answer
  The correct answer is D .
• Question 7:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 8: A cumulative frequency graph is Options:
  A) a histogram
  B) an ogive
  C) a bar chart
  D) a pie chart
  Show Answer
  The correct answer is B .
• Question 9: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? Options:
  A) An indifference curve
  B) An exceptional demand curve
  C) A budget line
  D) An isoquant map
  Show Answer
  The correct answer is A .
• Question 10: 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
  Show Answer
  The correct answer is A .