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 1431: If CBN reduces money supply, the interest rate will Options:
  A) fluctuate
  B) rise
  C) fall
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 1432: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 1433: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .
• Question 1434:

  

  The long-run equilibrium price and quantity forthe firm are respectively

  Options:
  A) OP, OY
  B) OR, OZ
  C) OR, OX
  D) OQ, OZ
  Show Answer
  The correct answer is C .
• Question 1435: If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to Options:
  A) shift parallel inwards
  B) rotate outwards away from the origin
  C) rotate inwards towards the origin.
  D) shift parallel outwards
  Show Answer
  The correct answer is C .
• Question 1436: An aging population refers to the preponderance of? Options:
  A) middle-aged people in the population
  B) young people in the population
  C) women in the the population
  D) old men in the population
  E) old people in the population
  Show Answer
  The correct answer is E .
• Question 1437: The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer Options:
  A) rationality
  B) surplus
  C) sovereignty
  D) credit
  Show Answer
  The correct answer is B .
• Question 1438: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is B .
• Question 1439:

  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 1440: Which of the following will shift the demand curve for Bournvita to the right Options:
  A) a rise in price of Bournvita
  B) an increase in income
  C) a tax on cocoa producer
  D) a fall in price of Bournvita
  Show Answer
  The correct answer is D .