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 1641:

  Demand-pull inflation is likely to be caused by

  Options:
  A) an increase in the cost of factor inputs
  B) increase in the income tax rate
  C) increase in bank lending rate
  D) increasingly large budget deficit
  Show Answer
  The correct answer is D .
• Question 1642:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1643: When a generalization is made based on observed facts, it is known as? Options:
  A) deductive reasoning
  B) inductive reasoning
  C) theoretical reasoning
  D) normative reasoning
  Show Answer
  The correct answer is B .
• Question 1644: Market is defined as? Options:
  A) one geographical location where people meet to buy and sell
  B) the demand and supply of goods and services
  C) a group of people whose sole interest is to make profit
  D) any organizational framework which links the buyers and sellers of a good and service
  Show Answer
  The correct answer is D .
• Question 1645: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 1646:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .
• Question 1647: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 1648: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 1649: If the income of a consumer rises and his demand for good X falls, good X can be described as Options:
  A) a normal good
  B) an adnoral good
  C) a good with inelastic demand
  D) a good with unitary elastic demand
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1650: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
  Show Answer
  The correct answer is C .