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 1401: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .
• Question 1402: Minimum price legislation by government will Options:
  A) reduce supply
  B) increase supply
  C) reduce demand and create surplus
  D) increase demand and create scarcity
  Show Answer
  The correct answer is C .
• Question 1403:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 1404:

  A persistence rise in the prices of inputs will lead to

  Options:
  A) cost push inflation
  B) demand pull inflation
  C) hyperinflation
  D) stagflation
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  The correct answer is A .
• Question 1405: Ranking is the method use in measuring Options:
  A) marginal utility
  B) ordinal utility
  C) cardinal utility
  D) total utility
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  The correct answer is B .
• Question 1406: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
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  The correct answer is C .
• Question 1407: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
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  The correct answer is A .
• Question 1408: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
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  The correct answer is A .
• Question 1409:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .
• Question 1410:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .