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 1341: When the government fix the price of essential commodities, this is referred to as: Options:
  A) Price equilibrium
  B) Price control
  C) Demanded price
  D) Asking price
  Show Answer
  The correct answer is B .
• Question 1342:

  

  If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are

  Options:
  A) complementary goods
  B) substitutes
  C) inferior goods
  D) luxury goods
  Show Answer
  The correct answer is B .
• Question 1343: The main objective of the Economic Community of West African State is to? Options:
  A) estabilish a West African Development Bank
  B) create a West African army
  C) introduce a common currency for the sub-region
  D) promote the free movement of persons, goods and services within the sub-region
  Show Answer
  The correct answer is D .
• Question 1344: When a country's population is experiencing increase returns, that country is said to be? Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) underpopulated
  Show Answer
  The correct answer is A .
• Question 1345: De valuation helps in checking adverse balance of payments if the? Options:
  A) demand for imports is elastic
  B) demand for imports is inelastic
  C) supply of exports is elastic
  D) demand for exports is inelastic
  Show Answer
  The correct answer is A .
• Question 1346:

  The determination of wages in a labour market depends on the_______

  Options:
  A) Government
  B) People
  C) Interaction between demand and supply of labour
  D) Economy
  Show Answer
  The correct answer is C .
• Question 1347: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause? Options:
  A) its exports to rise
  B) its imports to rise
  C) gold to flow into that country
  D) its currency to be in surplus
  Show Answer
  The correct answer is B .
• Question 1348:

  Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

  Options:
  A) Deflation
  B) Reinflation
  C) Disinflation
  D) Inflationary gap
  Show Answer
  The correct answer is D .
• Question 1349: The main reason for low agricultural produce in west Africa is need to Options:
  A) the presence of large-scale agro-allied industries
  B) high dependency ratio
  C) over dependence on agriculture for subsistence
  D) the use of crude implements in farming process
  Show Answer
  The correct answer is D .
• Question 1350: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .