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 1071: When compared with a labour-intensive industry, a capital-intensive industry employs more? Options:
  A) workers than capital
  B) workers than machinery
  C) raw materials than capital
  D) machinery than workers
  Show Answer
  The correct answer is D .
• Question 1072: Prohibiting the sale of lace materials in Nigeria would probably lead to? Options:
  A) Increase supply of lace material in Nigeria
  B) Production of better quality lace abroad
  C) Lower price of lace material in Nigeria
  D) Higher price of lace material in Nigeria
  E) Increase income to all dealers of lace materials in Nigeria
  Show Answer
  The correct answer is D .
• Question 1073: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 1074: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 1075:

  

  What is the equilibrium quantity?

  Options:
  A) 50
  B) 250
  C) 350
  D) 450
  Show Answer
  The correct answer is B .
• Question 1076: A profit maximizing monopolist should produce within the range where his demand is Options:
  A) Inelastic
  B) Elastic
  C) Infinitely elastic
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 1077:

  The minimum number of share holders for joint stock companies is_______________

  Options:
  A) 4
  B) 2
  C) 7
  D) 3
  Show Answer
  The correct answer is C .
• Question 1078: Commercial banks can create money in the following ways? Options:
  A) by using coins and paper money
  B) by borrowing money from banks abroad
  C) by receiving deposit from individuals
  D) by printing money on the instruction of the central bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1079: Capital earns income because? Options:
  A) it is productive
  B) it is expensive
  C) it is always cheaper to substitute capital for labour
  D) it is technically more efficient than labour
  E) both A and B above
  Show Answer
  The correct answer is A .
• Question 1080: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .