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 501:

  

  The quantity supplied of a commodity increases while

  Options:
  A) production incraases
  B) demand increses
  C) price of the commodity increases
  D) population of the country increases
  E) more commodites are imported
  Show Answer
  The correct answer is C .
• Question 502: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 503: Which Of the following is NOT an obstacle to economic development? Options:
  A) Low level of investment
  B) lack of modern technology
  C) High rate of population growth
  D) Low productivity
  E) Dedicated leadership
  Show Answer
  The correct answer is E .
• Question 504: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 505: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 506: An imperfect market exist where? Options:
  A) the product is homogenous
  B) there is perfect information among sellers
  C) both buyers and sellers have free entry into and free exits from the market
  D) the location of some sellers gives them an advantage over others
  Show Answer
  The correct answer is D .
• Question 507: Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to? Options:
  A) 10.20
  B) 3.57
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is C .
• Question 508: The law of variable proportions is also known as Options:
  A) law of demand
  B) law of diminishing returns
  C) law of diminishing marginal utility
  D) law of returns to scale
  Show Answer
  The correct answer is B .
• Question 509: 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 510: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .