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 2011:

  A rise in the supply of a commodity cause__________

  Options:
  A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
  B) an increase in both equilibrium
  C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
  D) a decrease in both equilibrium
  Show Answer
  The correct answer is C .
• Question 2012: One of the ways by which the government can speed up economic development is through the? Options:
  A) increase in consumption pattern of the people
  B) encouragement of savings, investment and equitable distribution of goods and services
  C) increase in the rate of population growth so as to ensure that the country has a large labour force
  D) encouragement of importation of raw materials to produce consumer goods
  Show Answer
  The correct answer is B .
• Question 2013:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2014: If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is Options:
  A) 0.80
  B) 1.25
  C) 2.00
  D) 10.00
  Show Answer
  The correct answer is B .
• Question 2015: A demand curve slopes downwards because of ? Options:
  A) an increase inthe money income of the consumer
  B) a decrease inthe money income of the consumer
  C) the substitution effect and the rise in real income of the consumer
  D) the rise in demand for the complementary goods
  E) the increase in the demand for factors and production
  Show Answer
  The correct answer is C .
• Question 2016: Balance of payment deficit in Nigeria CANNOT be solved by Options:
  A) importing more goods and services
  B) devaluation of the currency
  C) imposing import duties
  D) imposing import bans on some commodities
  Show Answer
  The correct answer is A .
• Question 2017:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 2018: Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called Options:
  A) bears
  B) brokers
  C) bulls
  D) jobbers
  E) stags
  Show Answer
  The correct answer is C .
• Question 2019: If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is? Options:
  A) normal
  B) elastic
  C) inelastic
  D) abnormal
  Show Answer
  The correct answer is C .
• Question 2020:

  The coefficient of the price elasticity of supply is always_____________

  Options:
  A) Constant
  B) Zero
  C) Positive
  D) Negative
  Show Answer
  The correct answer is C .