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 1631:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 1632: Which of the following can have their shares quoted on the stock exchange? Options:
  A) Public corporations
  B) A partnership
  C) A consumer corporative
  D) A public limited liability company
  Show Answer
  The correct answer is D .
• Question 1633:

  A supply curve slopes upwards from the left to the right indicating__________

  Options:
  A) a negative slope
  B) a positive slope
  C) a backward sloping supply curve
  D) short-run supply curve
  Show Answer
  The correct answer is B .
• Question 1634: The primary objective of the NDIC is to? Options:
  A) give protection to the CBN against fraud
  B) provide regulations guiding the finance houses
  C) give protection against fraud
  D) give protection to bank depositors
  Show Answer
  The correct answer is D .
• Question 1635:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 1636:

  A price floor is usually fixed

  Options:
  A) at the equilibrium and causes no shortage
  B) above the equilibrium and causes shortage
  C) below the equilibrium and causes surpluses
  D) above the equilibrium and causes surpluses
  Show Answer
  The correct answer is D .
• Question 1637: 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 1638:

  If two commodities are unrelated, a change in the price of one will____________

  Options:
  A) have effect on the quantity demanded of the other
  B) have no effect on the quantity demanded of the other
  C) increase the quantity demanded on the other
  D) decrease the quantity demanded on the other
  Show Answer
  The correct answer is B .
• Question 1639: A negative effect of the discovery of petroleum on the Nigerian economy is Options:
  A) conversion of the economy into a mono product type
  B) development of infrastructures
  C) encouragement of international recognition
  D) provision of job opportunities
  E) rapid industrialization
  Show Answer
  The correct answer is A .
• Question 1640: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .