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: If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct? Options:
  A) An increase in demand for X will increase the supply of Y
  B) An increase in demand for X will shift the supply of Y
  C) An increase in demand for Y will raise the price of X
  D) An increase in demand for X will cause less of Y to be produced
  E) A probable tax on Y will cause more of X to be supplied
  Show Answer
  The correct answer is A .
• Question 12:

  In a two by two model of international trade, it is assumed that

  Options:
  A) both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
  B) both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
  C) neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
  D) both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
  Show Answer
  The correct answer is B .
• Question 13:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 14:

  The labour force of a country is determined by the___________

  Options:
  A) geographical distribution of the population
  B) age structure of the population
  C) number of people available for work
  D) sex distribution of the population
  Show Answer
  The correct answer is B .
• Question 15:

  The number of people who are qualified to work and who offered themselves for employment are called

  Options:
  A) mobility of labour
  B) working population
  C) migrant labour
  D) labour turnover
  Show Answer
  The correct answer is B .
• Question 16: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 17: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
  Show Answer
  The correct answer is B .
• Question 18: Unemployment resulting from physical or mental deficiency is known as……………unemployment. Options:
  A) cyclical
  B) disguised
  C) Frictional
  D) residual
  E) Voluntary
  Show Answer
  The correct answer is D .
• Question 19: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 20: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .