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 1271:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 1272:

  The money market equilibrium is defined as_________

  Options:
  A) when the demand and supply of money are equal
  B) when demand is greater than supply of money
  C) when demand is less than supply of money
  D) when supply is greater than demand for money
  Show Answer
  The correct answer is A .
• Question 1273: 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 1274:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 1275:

  A major factor affecting the value of money is the?

  Options:
  A) price level
  B) banking habits
  C) transaction motive
  D) divisible nature of money
  Show Answer
  The correct answer is A .
• Question 1276:

  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 .
• Question 1277:

  The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

  Options:
  A) there were 80,000 live births in the country
  B) there were 6,400 live births in the country
  C) there were 8 live births to every 100 women in working-class families
  D) 8 in every 1000 women of 21 - 45 gave birth to a live child
  Show Answer
  The correct answer is A .
• Question 1278: One major difference between monopoly and perfect competition is that? Options:
  A) the perfect competitor is a price taker while the monopolist determines his own output
  B) homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
  C) sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
  D) there is free entry and exist in perfect competition but no free exist in monopoly
  Show Answer
  The correct answer is A .
• Question 1279: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .
• Question 1280: One of the characteristics of oligopoly is the availability of Options:
  A) few sellers
  B) few buyers
  C) many sellers
  D) a single seller
  Show Answer
  The correct answer is A .