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 1: 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 2: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 3: The coefficient of the price elasticity of supplyis always Options:
  A) positive
  B) negative
  C) constant
  D) zero
  Show Answer
  The correct answer is A .
• Question 4:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 5: The shape of the long-run average cost curve is best explained by the Options:
  A) law of diminishing returns
  B) law of returns to scale
  C) cost of fixed inputs
  D) cost of variable inputs
  Show Answer
  The correct answer is B .
• Question 6:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 7: Which of these is a type of partnership in business? Options:
  A) Limited partnership
  B) limited liability company
  C) private partnership
  D) joint stock partnership
  Show Answer
  The correct answer is A .
• Question 8:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 9:

  Holding money to take care of contingencies is

  Options:
  A) a speculative motive
  B) a transactions motive
  C) a precautionary motive
  D) an expansionary motive
  Show Answer
  The correct answer is C .
• Question 10:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .