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 101: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause? Options:
  A) its exports to rise
  B) its imports to rise
  C) gold to flow into that country
  D) its currency to be in surplus
  Show Answer
  The correct answer is B .
• Question 102: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 103:

  The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .
• Question 104:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .
• Question 105:

  

  In a price-taking firm, the portion UT above is the firm's

  Options:
  A) average revenue curve
  B) Long-run average cost curve
  C) demand curve
  D) supply curve
  Show Answer
  The correct answer is B .
• Question 106: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .
• Question 107:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .
• Question 108:

  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 109:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .
• Question 110: Which of the following is NOT a function of marketing boards in Nigeria? Options:
  A) Fixing of prices for farm produce
  B) Grading of farm produce
  C) Importation of farm produce
  D) Marketing of farm produce
  E) Price stabilization
  Show Answer
  The correct answer is C .