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 1321: The deregulation of telecommunication services in Nigeria is a characteristic of Options:
  A) command economy
  B) traditional economy
  C) market economy
  D) feudal economy
  Show Answer
  The correct answer is C .
• Question 1322:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1323:

  Which of the following is not a cause of unemployment_______

  Options:
  A) poor education
  B) lack of skills
  C) good government planning
  D) corruption
  Show Answer
  The correct answer is C .
• Question 1324: In Nigeria, government can reduce the cost of accommodation by fixing rent Options:
  A) at the prevailing rate
  B) at the equilibrium price
  C) above the equilibrium price
  D) below the equilibrium price
  Show Answer
  The correct answer is C .
• Question 1325:

  

  In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

  Options:
  A) There has been an increase in the consumer’s money income
  B) There has been a reduction in the price of both A and B
  C) There has been no change in the price of A or B
  D) There has been no change in the price of A relative to the price of B
  Show Answer
  The correct answer is B .
• Question 1326: Which of the following is NOT a determinant of the size economically active population? Options:
  A) Age structure
  B) Occupation of workers
  C) Proportion of men to women
  D) Average length of the working day
  E) Efficiency of the labour force
  Show Answer
  The correct answer is B .
• Question 1327: The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to? Options:
  A) raise the price of the commodity and affect the quantity in an indeterminate way
  B) decrease the equilibrium quantity and affect the price in an intermediate way
  C) raise its price as well as the equilibrium quantity
  D) lower it price while affecting the equilibrium quantity in an interminate way
  Show Answer
  The correct answer is C .
• Question 1328: Retailers in an economy perform the function of Options:
  A) production
  B) exchange
  C) distribution
  D) horading
  E) investment
  Show Answer
  The correct answer is C .
• Question 1329: Which of the following is a characteristic of private limited liability company? Options:
  A) its shares can be sold to the public
  B) the number of shareholders ranges from fifty to one hundred
  C) all shareholders have equal powers and responsibilities
  D) the number of shareholders ranges from two to fifty
  Show Answer
  The correct answer is D .
• Question 1330: Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will? Options:
  A) induce greater demand for beef
  B) induce greater demand for fish
  C) induce lower demand for fish
  D) equate demands for beef and fish
  Show Answer
  The correct answer is B .