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 1951: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 1952: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 1953: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 1954: A commodity is described as inferior when the Options:
  A) income effect is negative
  B) income effect is positive
  C) substitution effect is negative
  D) substitution effect is positive
  Show Answer
  The correct answer is A .
• Question 1955: The median of an odd-numbered set of scores is the Options:
  A) Middle value in the set
  B) Highest value in the set
  C) Arithmetic means of the set
  D) Most frequent occuring score
  Show Answer
  The correct answer is A .
• Question 1956: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 1957: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 1958: Specialization often improves economic performance because it? Options:
  A) permits exploitation of economies of scale
  B) incorporates external economies
  C) is based on the law of variable proportions
  D) allocates resources according to absolute advantage
  Show Answer
  The correct answer is D .
• Question 1959: The major reason for the survival of small shops despite competition from large business enterprises is because of? Options:
  A) the small capital outlay involved
  B) regularity and constant supply of commodities by them
  C) their local srvices and longer hours of operation
  D) their level of managerial competence
  Show Answer
  The correct answer is C .
• Question 1960:

  

  In which of the diagrams above, is the consumer surplus correctly shaded?

  Options:
  A) I
  B) II
  C) III
  D) IV
  Show Answer
  The correct answer is D .