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 11:

  There is unemployment of resources when production is

  Options:
  A) within the production possibility curve
  B) outside the production possibility curve
  C) along the production possibility curve
  D) adequate to meet market demand
  Show Answer
  The correct answer is A .
• Question 12:

  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 13: Which of the following is NOT illustrated by the production possibility curve Options:
  A) Risk
  B) Scarcity
  C) Opportunity cost
  D) Allocative efficiency
  Show Answer
  The correct answer is A .
• Question 14: The coefficient of the price elasticity of supplyis always Options:
  A) positive
  B) negative
  C) constant
  D) zero
  Show Answer
  The correct answer is A .
• Question 15:

  If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

  Options:
  A) only the quantity will increase
  B) The prices will remain constant
  C) the equilibrium price and quantity will increase
  D) only the price will increase
  Show Answer
  The correct answer is C .
• Question 16:

  A good is said to be inferior if its demand

  Options:
  A) rises as its price rises
  B) falls as its price rises
  C) rises as its price falls
  D) is perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 17: Which of the following is NOT a measure for controlling inflation? Options:
  A) Reduction in money supply
  B) Wage restraint and wage freeze
  C) Reduction in taxes and increase in government spending
  D) price control
  E) Credit restriction
  Show Answer
  The correct answer is C .
• Question 18: What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices? Options:
  A) Free market
  B) Perfectly competitive market
  C) Controllled market
  D) Stock exchange market
  E) Open market
  Show Answer
  The correct answer is B .
• Question 19:

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  Options:
  A) curve Z and Y
  B) curve X
  C) curve Z
  D) curve Y
  Show Answer
  The correct answer is C .
• Question 20: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .