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 1331: If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was Options:
  A) structurally unemployed
  B) frictionally unemployed
  C) seasonally unemployed
  D) cyclically unemployed
  Show Answer
  The correct answer is B .
• Question 1332: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .
• Question 1333:

  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 1334: Function of commercial banks do NOT include? Options:
  A) lending with interest charges
  B) carrying out transactions on behalf of customers
  C) expansion of money supply
  D) keeping of security document s for customers
  E) printing of currency
  Show Answer
  The correct answer is E .
• Question 1335: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 1336:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1337: One of the factors affecting change in demand for a commodity is the _______? Options:
  A) Supply of the commodity
  B) Availability of the substitutes
  C) Price of the commodity
  D) Technical know-how
  Show Answer
  The correct answer is C .
• Question 1338:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 1339:

  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 1340:

  

  In the figure above, the broken line labelled M is the marginal revenue curve of a

  Options:
  A) Monopoly
  B) Competitive firm
  C) State corporation
  D) Partnership
  E) Monopsony
  Show Answer
  The correct answer is A .