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 1061: The short-run supply curve for medical doctors is more likely to be Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) fairly inelastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 1062: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .
• Question 1063: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 1064:

  

  From the diagram above, a shift in the demand curve from D_oD_o to D₁D₁ implies

  Options:
  A) a rise in the demand for the commodity
  B) a fluctuation in the demand for the commodity
  C) a fall in the demand for the commodity
  D) an equilibrrium in the demand for the commodity
  Show Answer
  The correct answer is A .
• Question 1065:

  If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

  Options:
  A) 0.50
  B) 0.65
  C) 2.00
  D) 2.50
  Show Answer
  The correct answer is C .
• Question 1066: One of the major factors that brings about changes in supply is Options:
  A) market discrimination
  B) availability of storage facilities
  C) the cost of storage
  D) incentives granted to workers
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  The correct answer is C .
• Question 1067: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
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  The correct answer is B .
• Question 1068: An important function of the retailer is to? Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 1069: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .
• Question 1070:

  If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for ₦500, what will be United Kingdom's exchange rate with Nigeria?

  Options:
  A) $0.05 = ₦1.00
  B) $0.06 = ₦1.00
  C) $0.11 = ₦1.00
  D) $0.12 = ₦1.00
  Show Answer
  The correct answer is D .