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 1791:

  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 1792: The demand for labour in an economy is a depiction of Options:
  A) competitive demand
  B) Composite demand
  C) Complementary demand
  D) Deductive demand
  E) derived demand
  Show Answer
  The correct answer is E .
• Question 1793: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 1794: The most generally accepted definition of Economics was given by Options:
  A) Adam Smith
  B) David Ricardo
  C) Lord Robinson
  D) Thomas Mathus
  E) Sam Aluko
  Show Answer
  The correct answer is C .
• Question 1795: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 1796: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
  Show Answer
  The correct answer is C .
• Question 1797:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 1798: A shift in supply curve indicates that a different quantity will be supplied at each possible price because? Options:
  A) consumers are willing to pay higher prices
  B) supply is facing competition
  C) other factors than price have changed
  D) price has changed
  Show Answer
  The correct answer is C .
• Question 1799: 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 1800:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .