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 1131: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 1132: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 1133:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .
• Question 1134: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 1135:
  

  The diagram above represent

  Options:
  A) structural unemployment
  B) cyclical unemployment
  C) volunatary unempployment
  D) frictional unemployment
  Show Answer
  The correct answer is B .
• Question 1136:

  

  Commercial banks can create money in the following ways

  Options:
  A) by issuing coins and paper money
  B) by borrowing money from Banks abroad
  C) by receiving deposits from individuals
  D) by printing money on the instructions of the Central Bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1137: The equation MV PT is known as Options:
  A) demand and supply equation
  B) equilibrium equation
  C) equation of exchange
  D) money supply equation
  E) price index numbers
  Show Answer
  The correct answer is D .
• Question 1138:

  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 .
• Question 1139:

  

  The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

  Options:
  A) marginal cost
  B) average cost
  C) average revenue
  D) marginal revenue
  Show Answer
  The correct answer is C .
• Question 1140: One of the functions of Development Banks is to Options:
  A) mint money for the development of the economy
  B) provide short-term loans to commercial banks
  C) provide medium and long-term finance for the development of the banking system
  D) provide medium and long-term finance for the development of the economy
  Show Answer
  The correct answer is D .