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 1221: The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price? Options:
  A) always reflects the cost of labour
  B) reflects the variable, but not the fixed cost of production
  C) does not rise above variable costs
  D) is determined by the cost of production and the current rate of inflation
  Show Answer
  The correct answer is B .
• Question 1222: Which of the following is NOT a major function of a Central Bank? Options:
  A) Serving as Goverment''s bank
  B) Serving as bankers bank
  C) Acceptance of deposit from the public
  D) Responsibility for monetary policy
  E) Serving as lender of last resort
  Show Answer
  The correct answer is C .
• Question 1223:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1224: Public debt is composed of? Options:
  A) internal debts and World Bank loans
  B) money owed to local and foreign contractors
  C) internal and external debts
  D) loans granted by IMF and ADB
  Show Answer
  The correct answer is C .
• Question 1225: Which of the following is NOT a cause of inflation? Options:
  A) excessive bank lending
  B) excessive deficit financing
  C) increase in domestics productivity
  D) increase in wages and salaries of workers
  E) increase in government expenditure
  Show Answer
  The correct answer is C .
• Question 1226:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 1227: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 1228: Industries contribute to national economic development because they? Options:
  A) utilize local raw materials
  B) employ an increase number of labour
  C) provide recreational facilities
  D) use modern machines which replace human labour
  Show Answer
  The correct answer is A .
• Question 1229: Palm oil industry is located in Bendel State because the State? Options:
  A) imports raw material for palm oil Industry
  B) is a palm tree growing area
  C) soil is unsuitable for other crops
  D) government does engage land for other crops
  E) land is suitable for oil
  Show Answer
  The correct answer is B .
• Question 1230:

  

  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 .