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 161:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 162: Government expenditure on universal basic education and subsidy on agriculture are aimed at Options:
  A) encouraging growth of the economy
  B) projecting images of government
  C) re-allocation of resources
  D) redistribution of income and wealth
  E) stabilization of the economy
  Show Answer
  The correct answer is C .
• Question 163: One of the roles of industrialization in economic development of Nigeria is Options:
  A) employment generation
  B) environmental pollution
  C) target of enemy’s attack
  D) unemployment
  E) uneven development
  Show Answer
  The correct answer is A .
• Question 164: the Central Bank's expansionary monetary policy is justified at a period? Options:
  A) when the inflation rate is high and the economic is experiencing a boom
  B) of economic depression accompanied by low capacity utilization
  C) when trade unions are clamouring for higher wages
  D) when price of crude petroleum is rising
  Show Answer
  The correct answer is B .
• Question 165: A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the? Options:
  A) price only
  B) quantity only
  C) quality only
  D) price and quantity
  Show Answer
  The correct answer is A .
• Question 166: In the history of Economic Thought the concept of Division of labour is usually associated with? Options:
  A) David Richardo
  B) J.M. Keynes
  C) Adam Smith
  D) Karl Marx
  Show Answer
  The correct answer is C .
• Question 167:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .
• Question 168: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 169:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 170:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .