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 1931: The sloping downward of the demand curve implies that? Options:
  A) an increase in price leads to an increase in quantity demanded
  B) an increase in price leaves the quantity demanded unchanged
  C) a decrease in price leads to a decreased in quantity demanded
  D) a decrease in price leads to an increase in quantity demanded
  E) supplies respond by offering less commodities for sale
  Show Answer
  The correct answer is D .
• Question 1932:
  

  A movement from K to M will

  Options:
  A) decrease the consumer's utility
  B) increase the price of the commodity
  C) increase the consumer's utility
  D) leave consumer's utility unchanged
  Show Answer
  The correct answer is D .
• Question 1933: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 1934: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 1935:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 1936: If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is Options:
  A) zero
  B) 1
  C) 2
  D) 5
  E) 10
  Show Answer
  The correct answer is C .
• Question 1937:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

  Options:
  A) 65 units
  B) 40 units
  C) 30 units
  D) 20 units
  Show Answer
  The correct answer is C .
• Question 1938: Disequilibrium in the balance of payment means? Options:
  A) imports of the country exceeding its exports
  B) overall deficit or surplus in the current account and capital account of the balance of payment
  C) capital flowing out of the country exceeds the capital flowing into the country
  D) deficit in the trade balance
  E) export earnings exceeds cost of imports
  Show Answer
  The correct answer is B .
• Question 1939:

  External economies arises essentially from__________

  Options:
  A) a firm's individual policies
  B) localisation of industry
  C) government economic policy
  D) free transferability of shares
  Show Answer
  The correct answer is B .
• Question 1940: Which of the following is NOT illustrated by the production possibility curve Options:
  A) Risk
  B) Scarcity
  C) Opportunity cost
  D) Allocative efficiency
  Show Answer
  The correct answer is A .