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 1651:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 1652:

  

  The firm portrayed is selling in

  Options:
  A) a purely competitive market
  B) a market in which demand elastic at all prices
  C) an imperfectly competitive markket
  D) a market in which companies produce homogeneous commodities
  Show Answer
  The correct answer is C .
• Question 1653:

  The minimum number of share holders for joint stock companies is_______________

  Options:
  A) 4
  B) 2
  C) 7
  D) 3
  Show Answer
  The correct answer is C .
• Question 1654: One of the major advantages of specialization is that? Options:
  A) the worker becomes a tenderer of machines
  B) it causes more employment of labour
  C) less machinery is required for production
  D) the worker wastes less time between operations
  Show Answer
  The correct answer is D .
• Question 1655:

  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 1656:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1657: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .
• Question 1658: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as Options:
  A) tariffs
  B) quotas
  C) exchnge control
  D) devaluation
  E) revaluation
  Show Answer
  The correct answer is B .
• Question 1659: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 1660: The ability of commercial banks to create money depends on the Options:
  A) reserve ratio
  B) liquidity ratio
  C) interest rate
  D) capital base
  Show Answer
  The correct answer is A .