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: An inverse relationship between price and quantity demanded implies that Options:
  A) the two variables change in opposite directions
  B) the two variables change in the same direction
  C) only one variable changes
  D) the two variables remain unchanged
  Show Answer
  The correct answer is A .
• Question 1132: In any economy, what is used as money is determined by? Options:
  A) government acceptance commodity standard
  B) government acceptance of an inconvertible paper standard
  C) laws and customs
  D) its use as a store of value
  Show Answer
  The correct answer is A .
• Question 1133: One of the major factors militating against industrialization in Nigeria is the? Options:
  A) inadequacy of infrastructural facilities
  B) absence of government participation
  C) frequent breakdown of equipment
  D) failure to get foreign partners and supporters
  Show Answer
  The correct answer is A .
• Question 1134:

  

  From this diagram, the minimum wage OW will lead to

  Options:
  A) full employment of resources
  B) unemployment
  C) inflation
  D) full employment of factors of production
  Show Answer
  The correct answer is D .
• Question 1135:

  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 1136: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 1137: Persistent fail In the general price level Is known as Options:
  A) deflation
  B) devaluation
  C) general price Increase
  D) inflation
  E) price index
  Show Answer
  The correct answer is A .
• Question 1138:

  

  The diagram above shows the effect of

  Options:
  A) excess demand over supply at q₃
  B) excess supply over demand at q₂
  C) minimum price legislation at P₂
  D) maximum price legislation at P₂
  Show Answer
  The correct answer is A .
• Question 1139: If the demand for a good is more elastic than its supply, the tax burden is borne Options:
  A) equally by consumers and producers
  B) more by producers
  C) more by consumers
  D) more by retailers and producers
  Show Answer
  The correct answer is B .
• Question 1140: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .