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 1681:

  

  From the diagram above, a shift in the demand curve from D_oD_o to D₁D₁ implies

  Options:
  A) a rise in the demand for the commodity
  B) a fluctuation in the demand for the commodity
  C) a fall in the demand for the commodity
  D) an equilibrrium in the demand for the commodity
  Show Answer
  The correct answer is A .
• Question 1682:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1683: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 1684: The long-run average cost curve touches to the short-run average cost curves at the Options:
  A) minimum points of all short run average cost curves
  B) declining points of all short-run average cost curves
  C) minimum point of only one of the short-run cost curves
  D) rising points of all short-run average cost curves
  Show Answer
  The correct answer is D .
• Question 1685:

  

  In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

  Options:
  A) a drop in supply
  B) a rise in supply
  C) a supply- push inflation
  D) a stable supply curve
  E) an increase in quantity supplied
  Show Answer
  The correct answer is B .
• Question 1686: The major reason why countries strive to achieve optimum growth is to Options:
  A) be self-sufficient
  B) raise general living standards
  C) raise the level of production
  D) reduce aggregate expenditure
  Show Answer
  The correct answer is A .
• Question 1687: The most basic concern of economists is to? Options:
  A) create human wants
  B) satisfy all human want
  C) redistribute income so that it is used correctly
  D) create perfect competition
  E) study ways of allocating scarce resources in order to satisfy human wants
  Show Answer
  The correct answer is E .
• Question 1688: The following except ONE, are the differences between international trade and internal trade? Options:
  A) Diferences in currencies
  B) Government control
  C) Mobility of factors of production
  D) Cultural differences
  E) Exchange of Goods and services
  Show Answer
  The correct answer is D .
• Question 1689:

  A measure for preventing the external value of the Naira from falling is for the government to

  Options:
  A) increase its spending with foreign reserve
  B) sell its own currency
  C) reduce interest rate
  D) buy its currency with foreign reserve
  Show Answer
  The correct answer is D .
• Question 1690:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .