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 1811: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 1812: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .
• Question 1813: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population Options:
  A) 10
  B) 20
  C) 30
  D) 50
  Show Answer
  The correct answer is C .
• Question 1814: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 1815: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 1816: Which of the following is NOT directly concerned with dealings in treasury bills? Options:
  A) The stock exchange
  B) The Central bank
  C) Commercial banks
  D) Discount houses
  Show Answer
  The correct answer is D .
• Question 1817: If the standard deviation of a given data is 8.2, find its variance Options:
  A) 4.1
  B) 67.2
  C) 82.0
  D) 91.8
  Show Answer
  The correct answer is B .
• Question 1818: One of the functions of the price system is that it Options:
  A) encourages high volume of production
  B) dictates what the citizens will consume
  C) discourages the consumption of harmful goods
  D) regulates production and consumption
  Show Answer
  The correct answer is D .
• Question 1819:

  The effects on the demand for product A caused by a change in the price of product B is Called____________

  Options:
  A) Joint demand
  B) cross-elasticity of demand
  C) elasticity of supply
  D) competitive demand
  Show Answer
  The correct answer is A .
• Question 1820: A deficit balance of payments is measured by subtracting the debits from the credits in the Options:
  A) current account
  B) current and capital accounts
  C) current and escrow accounts
  D) capital and escrow accounts
  Show Answer
  The correct answer is D .