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 351: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .
• Question 352: Counter trading is an international arrangement whereby? Options:
  A) goods and services are exchanged in a manner similar to barter
  B) goods and services are sold on the counter
  C) crude oil is sold to a foreign country
  D) goods are shipped to countries on which the United Nations has placed a trade embargo
  Show Answer
  The correct answer is A .
• Question 353:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 354:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .
• Question 355: 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 .
• Question 356: A firm whose cost of production decrease as it continues to increase its output is said to be enjoying? Options:
  A) profit maximization
  B) large-scale production
  C) a wind fall
  D) government subsidies
  E) economies of scale
  Show Answer
  The correct answer is E .
• Question 357:

  In a two by two model of international trade, it is assumed that

  Options:
  A) both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
  B) both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
  C) neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
  D) both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
  Show Answer
  The correct answer is B .
• Question 358: A black market can occur when Options:
  A) supply is in excess of demand
  B) consumption of the commodity is restricted
  C) prices are set by government above the equilibrum
  D) prices are set by government below the equilibrium
  Show Answer
  The correct answer is B .
• Question 359: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .
• Question 360: In a textile factory, the cost of cotton used is a typical example of Options:
  A) an average cost
  B) a variable cost
  C) a fixed cost
  D) a total cost
  Show Answer
  The correct answer is B .