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 1991:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 1992: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 1993:

  A contractionary monetary policy is used to control__________

  Options:
  A) Deflation
  B) Inflation
  C) Recession
  D) Balance of Payment deficit
  Show Answer
  The correct answer is B .
• Question 1994: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
  Show Answer
  The correct answer is E .
• Question 1995: If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is Options:
  A) 66.7
  B) 0.5
  C) 1.5
  D) 2.0
  Show Answer
  The correct answer is D .
• Question 1996:

  Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work

  Ii,Difficulties in assessment and collection

  Iii, imperfection in tax assessment.

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 1997: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 1998:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 1999: Which of the following is not true of the theory of optimum population? Options:
  A) It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
  B) The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
  C) The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
  D) The test for over-population is whether it exceed the optimum
  E) It is possible for a thinly populated country to be over populated if it has a poor supply of other factor
  Show Answer
  The correct answer is B .
• Question 2000: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .