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 331: One of the purposes of advertisement in marketing is to? Options:
  A) change the quality of the product
  B) raise the quantity of the product demanded as its price falls
  C) shift the demand curve for the product to the right
  D) raise production cost
  Show Answer
  The correct answer is C .
• Question 332: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 333:

  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 334: A situation in which a commodity is sold abroad below its cost of production in the home country is known as? Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 335: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 336: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 337: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .
• Question 338: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 339:

  Which of the following would not be a reason for a government to impose a quota on imports?

  Options:
  A) To support strategic industry
  B) To prevent dumping
  C) To decrease tax revenue
  D) Employment oppourtunity
  Show Answer
  The correct answer is C .
• Question 340: The government can influence the price of agriculture products by? Options:
  A) fixing minimum prices when agricultural output is low
  B) fixing maximum prices in years of bumper harvest
  C) the use of buffer stock and stabilization funds
  D) paying all farmers producing identical crops a uniform amount of money
  Show Answer
  The correct answer is C .