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 81: The supply of loanable funds is significantly influenced by? Options:
  A) commercial banks
  B) mortage banks
  C) financial intermediaries
  D) the Central Bank
  E) insurance companies
  Show Answer
  The correct answer is C .
• Question 82: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 83: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 84: An increase in demand without a corresponding change in supply will lead to Options:
  A) a decrease in equilirium price and increase in equilibrium quantity
  B) an increase in equilibrium price and quantity
  C) a decrease in equilibrium price and quantity
  D) an increase in equilibrium price and a decrease in equilibrium quantity
  Show Answer
  The correct answer is B .
• Question 85: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 86: A shift in supply curve indicates that a different quantity will be supplied at each possible price because? Options:
  A) consumers are willing to pay higher prices
  B) supply is facing competition
  C) other factors than price have changed
  D) price has changed
  Show Answer
  The correct answer is C .
• Question 87: The main objective of WTO is to Options:
  A) ensure adequate protection of infant industries
  B) provide a mechanism for tariff reduction
  C) assist countries with chronic balance of payments problem
  D) assist developing countries to execute developmental projects
  Show Answer
  The correct answer is D .
• Question 88: When price is set below equilibrium, this will lead to Options:
  A) an increase in the quantity supplied
  B) a new equilibrium
  C) a decrease in the quantity supplied
  D) a fall in price
  Show Answer
  The correct answer is D .
• Question 89: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
  Show Answer
  The correct answer is A .
• Question 90:

  

  In the diagram, (I) refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .