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 1981: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 1982:

  Factors affecting size of Labour Force include the following EXCEPT?

  Options:
  A) Level of technology
  B) Retirement age
  C) Government policies
  D) Trade Union activities
  Show Answer
  The correct answer is A .
• Question 1983:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 1984: The National Electric Power Authority (NEPA) is a? Options:
  A) Public limited company
  B) Public liability company
  C) Private authority
  D) Public corporation
  E) Federal government authority
  Show Answer
  The correct answer is D .
• Question 1985:

  Given two substitute goods (X and Y) with demand and supply function;

  Qd = 7p - 12

  Qs = 4p + 9

  Find the magnitude of excess demand when p = ₦18

  Options:
  A) 303
  B) 30
  C) 114
  D) 33
  Show Answer
  The correct answer is D .
• Question 1986: The major contribution of OPEC to the Nigerian economy is the Options:
  A) provision of social infrastructures
  B) granting of subsidies on petroleum products
  C) stabilization of oil prices
  D) building of refineries
  Show Answer
  The correct answer is C .
• Question 1987: In a free market economy, the rationing of scarce goods is done principally by Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  E) both A and B
  Show Answer
  The correct answer is D .
• Question 1988: The major function of the wholesaler to his customers is? Options:
  A) breaking of bulk
  B) offering personal services
  C) stocking a variety of goods
  D) providing transport facilities
  Show Answer
  The correct answer is A .
• Question 1989: An entrepreneur will continue to employ labour up to a point where? Options:
  A) costs are minimized
  B) maximized efficiency is attained
  C) wages are equal to marginal product of labour
  D) marginal product of labour is equal to zero
  Show Answer
  The correct answer is C .
• Question 1990:

  Producers operating in a free market economy are more efficient as a result of

  Options:
  A) the existence of competition
  B) the very few number of participants
  C) the commitment of the shareholders
  D) government regulation of their activities
  Show Answer
  The correct answer is A .