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 1201: The hoarding of goods is usually experienced when Options:
  A) supply is greater than demand
  B) the market price above the equilibrium price
  C) demand is greater than supply
  D) excess demand is greater than excess supply
  Show Answer
  The correct answer is C .
• Question 1202: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .
• Question 1203: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
  Show Answer
  The correct answer is B .
• Question 1204: Ad valorem tax means? Options:
  A) a certain percentage tax based on the value of the commodity
  B) a certain percentage tax based on the volume of the commodity
  C) a tax on the income of the consumer
  D) payment of a tax on the profits made
  Show Answer
  The correct answer is A .
• Question 1205: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 1206:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 1207: Ranking is the method use in measuring Options:
  A) marginal utility
  B) ordinal utility
  C) cardinal utility
  D) total utility
  Show Answer
  The correct answer is B .
• Question 1208:

  

  In the diagram above, the price P₂ in price control situation, is referred to as

  Options:
  A) minimum price
  B) markup price
  C) maximum price
  D) mark-down price
  Show Answer
  The correct answer is C .
• Question 1209:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .
• Question 1210: The excess of aggregate expenditure over full employment level of output is referred to as Options:
  A) GNP gap
  B) deflationary gap
  C) inflation gap
  D) recessionary gap
  Show Answer
  The correct answer is C .