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 1191:

  What happens when the central bank increases the bank rate in an economy

  Options:
  A) borrowing is discouraged
  B) customers increase their borrowing
  C) banks can increase their lending
  D) money supply increases
  Show Answer
  The correct answer is A .
• Question 1192:
  

  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 1193: When two variables are positively related, the graph of the relationship? Options:
  A) is a downward-sloping curve
  B) has a negative intercept
  C) is a straight line
  D) is an upward-sloping curve
  Show Answer
  The correct answer is D .
• Question 1194: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C .
• Question 1195:

  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 1196:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .
• Question 1197:

  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 1198: The most acceptable economic measure for trade protection is to? Options:
  A) improve standards of living
  B) protect infant industries
  C) safegard strategic industries
  D) promote foreign trade
  Show Answer
  The correct answer is B .
• Question 1199:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 1200:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .