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: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 102: Privatization and commercialization of public enterprise in Nigeria is necessitated by Options:
  A) the IBRD conditions
  B) the government's loss of interest in them
  C) their operational inefficiency
  D) the IMF conditions
  Show Answer
  The correct answer is C .
• Question 103: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
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  The correct answer is C .
• Question 104: The demand curve for a normal good will shift to the left if? Options:
  A) the incomes of consumers rise
  B) the price of the goods rises
  C) the price of complementary goods rises
  D) advertising expenditure on complementary goods increase
  Show Answer
  The correct answer is B .
• Question 105:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 106: The demand curve for factors of production Options:
  A) is perfect elastic
  B) slopes upwards
  C) slopes of downwards
  D) is perfectly inelastic
  Show Answer
  The correct answer is C .
• Question 107: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
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  The correct answer is B .
• Question 108: If the income of a consumer rises and his demand for good X falls, good X can be described as Options:
  A) a normal good
  B) an adnoral good
  C) a good with inelastic demand
  D) a good with unitary elastic demand
  E) none of the above
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  The correct answer is E .
• Question 109: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .
• Question 110: Which of the following is used by the Central Bank of Nigeria to control inflation? Options:
  A) Tariff on imports
  B) Tax rate
  C) Exchange rate
  D) Discount rate
  Show Answer
  The correct answer is D .