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 101: An imperfect market exist where? Options:
  A) the product is homogenous
  B) there is perfect information among sellers
  C) both buyers and sellers have free entry into and free exits from the market
  D) the location of some sellers gives them an advantage over others
  Show Answer
  The correct answer is D .
• Question 102: Division of labour is limited by? Options:
  A) the size of market
  B) the productivity of capital
  C) cost of production
  D) the factors of production
  E) government policy
  Show Answer
  The correct answer is A .
• Question 103: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 104: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 105: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 106: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 107: One of the probable effects of an increased minimum wage in Nigeria is? Options:
  A) to create volunteer unemployment
  B) to decrease the wage rate
  C) to increase the level of unemployment
  D) to create involuntary unemployment
  E) to increase the demand for labour
  Show Answer
  The correct answer is D .
• Question 108: Production in Economics occurs when Options:
  A) a commodity or service is sold
  B) utility is created or added
  C) a commodity is manufactured
  D) raw materials are produced or extracted from mines
  E) all of these
  Show Answer
  The correct answer is E .
• Question 109: The fixing of the price of an item above or below the equilibrium price is most likely to take place in a? Options:
  A) centrally planned economy
  B) free market economy
  C) developed economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 110: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .