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 2001: Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will? Options:
  A) induce greater demand for beef
  B) induce greater demand for fish
  C) induce lower demand for fish
  D) equate demands for beef and fish
  Show Answer
  The correct answer is B .
• Question 2002: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 2003: Banks can create more money by? Options:
  A) increasing its cash ratio with the Central Bank
  B) issuing more banks cheques
  C) accepting more deposits from customers
  D) lending out money from customers deposits
  Show Answer
  The correct answer is D .
• Question 2004: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
  Show Answer
  The correct answer is C .
• Question 2005:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 2006:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 2007: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .
• Question 2008:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 2009: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 2010:

  The minimum number of share holders for joint stock companies is_______________

  Options:
  A) 4
  B) 2
  C) 7
  D) 3
  Show Answer
  The correct answer is C .