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 581: The pre-dominance of non-working housewives and maids in West Africa Options:
  A) will understate the national income of the countries
  B) will overstate the national income of the countries
  C) will lead to constant per capita income over the years
  D) will lead to balance of payment deficits
  E) will cause unfavourable terms of trade
  Show Answer
  The correct answer is A .
• Question 582: Which of the following statement is TRUE of the effect of changes in demand and supply on price? Options:
  A) A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  B) An increase in demand will lead to a fall in price and quantity bought and sold
  C) A decrease in demand will lead to a rise in price and in the quantity bought and sold
  D) An increase in supply will lead to a fall price and a rise in the quantity bought and sold
  Show Answer
  The correct answer is D .
• Question 583:

  

  If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is B .
• Question 584: When a firm is reaping economies of large-scale production, it experiences a fall in its? Options:
  A) long-run marginal cost
  B) long-run average cost
  C) long-run total cost
  D) short-run marginal cost
  Show Answer
  The correct answer is B .
• Question 585:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 586:

  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 587: A movement along the same demand curve is caused by the Options:
  A) price of the product
  B) price of other products
  C) income of the consumer
  D) taste of the consumer
  Show Answer
  The correct answer is A .
• Question 588: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 589: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• Question 590:

  40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.

  Options:
  A) 1,300 tonnes
  B) 1,100 tonnes
  C) 1,200 tonnes
  D) 1,400 tonnes
  Show Answer
  The correct answer is C .