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 141: An increase in the quantity supplied of commodity suggests Options:
  A) a leftward shift of the supply curve
  B) a rightward shift of the supply curve
  C) a movement along the supply curve
  D) an increase in elasticity of supply
  Show Answer
  The correct answer is C .
• Question 142:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 143: A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as Options:
  A) duopoly
  B) monopolist
  C) monopsonist
  D) oligopoly
  E) perfect competitor
  Show Answer
  The correct answer is B .
• Question 144:

  Macroeconomics focuses on the following units in an aggregative manner

  Options:
  A) household, firms, government, corporate sector and external sector
  B) individual consumers, individual firms, government and external sector
  C) government, household firms, individual consumers and external sector
  D) individual consumers, household firms and manufacturing sector
  Show Answer
  The correct answer is A .
• Question 145:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 146: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
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  The correct answer is B .
• Question 147: The effect of changes in the condition of demand on a demand schedule with the price constant is? Options:
  A) A movement along the demand curve
  B) deflation of the demand curve
  C) hyperbola formation by the demand curve
  D) shift of the demand curve
  Show Answer
  The correct answer is D .
• Question 148:

  A positive effect of a rapid population increase is

  Options:
  A) an excessive budget deficit
  B) a reduction in standard of living
  C) a wider market for goods and services
  D) a higher dependency ratio
  Show Answer
  The correct answer is C .
• Question 149: The central point of the Malthusian theory is that Options:
  A) everybody should become a farmer
  B) government should provide enough accommodation and food
  C) increasing population will get enough food
  D) population increase in geometric progression while food arithmetic progression
  E) wages has nothing to do with cost of living
  Show Answer
  The correct answer is A .
• Question 150: If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in Options:
  A) consumers' income
  B) demand
  C) consumers' tastes
  D) quantity damanded
  Show Answer
  The correct answer is D .