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 1931: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .
• Question 1932: By subsistence production we mean? Options:
  A) goods and services are produced for consumption only
  B) goods and services are sold to others
  C) raw materials are produced in the country
  D) goods and services are produced for the market
  E) none of these
  Show Answer
  The correct answer is A .
• Question 1933: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is A .
• Question 1934: A persistent rise in the prices of inputs will lead to Options:
  A) hyperinflation
  B) stagflation
  C) cost-push inflation
  D) demand-pull inflation
  Show Answer
  The correct answer is C .
• Question 1935: An increase in both the legal reserve ratio and discount rate has the effect of? Options:
  A) increasing the quantity of money in circulation
  B) decreasing the quantity of money in circulation
  C) increasing the value of money
  D) decreasing the value of money
  Show Answer
  The correct answer is B .
• Question 1936:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 1937:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 1938: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 1939:

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .
• Question 1940:

  

  The deflationary gap is defined by

  Options:
  A) X
  B) K
  C) X + K
  D) X - K
  Show Answer
  The correct answer is A .