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:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 1322: If the coefficient of price elasticity of supply is greater than one, the supply is said to be Options:
  A) perfectly elastic
  B) fairly inelastic
  C) infinitely inelastic
  D) fairly elastic
  Show Answer
  The correct answer is D .
• Question 1323:

  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 1324: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
  Show Answer
  The correct answer is C .
• Question 1325: To reduce the high rate of inflation in the economy, the government should? Options:
  A) increase taxes and have a budget surplus
  B) increase taxes and have a budget defilicit
  C) decrease taxes and have a budget defilicit
  D) decrease taxes and have a balance budget
  Show Answer
  The correct answer is A .
• Question 1326:

  The "velocity" of money is

  Options:
  A) The real money supply divided by the real GDP
  B) The money supply multiplied by the price level
  C) The money supply divided by the price level
  D) The ratio of real GDP to the real money supply
  Show Answer
  The correct answer is D .
• Question 1327: The proportion of currency in the money supply Options:
  A) is higher in developing countries than advanced countries
  B) is lower in developing countries than advanced countries
  C) is the same in both developing and advanced countries
  D) grows as the economy develope
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 1328: When the importation of a commodity is limited to a definite quantity, the trade control means used is known as Options:
  A) exchange control
  B) tax relief
  C) devaluation
  D) quotas
  Show Answer
  The correct answer is D .
• Question 1329:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 1330:

  When a country's population is experiencing increasing returns, that country is said to be?

  Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) under-populated
  Show Answer
  The correct answer is D .