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 2021: An inverse relationship between price and quantity demanded implies that Options:
  A) the two variables change in opposite directions
  B) the two variables change in the same direction
  C) only one variable changes
  D) the two variables remain unchanged
  Show Answer
  The correct answer is A .
• Question 2022:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 2023:

  As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

  Options:
  A) Input
  B) Commodities
  C) Output
  D) Factors
  Show Answer
  The correct answer is C .
• Question 2024: One of the characteristics of monopolistic competition is that Options:
  A) there is mobility of factors of production
  B) no single seller dominates the market
  C) the firms are price-takers
  D) consumers have perfect knowledge of price
  Show Answer
  The correct answer is B .
• Question 2025: One of the factors that determine the supply of agricultural produce in Nigeria is Options:
  A) Price of substitutes
  B) Technological development
  C) Consumers choice
  D) Consumers income
  Show Answer
  The correct answer is D .
• Question 2026:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 2027:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 2028:

  Economics is often described as a social science because?

  Options:
  A) laboratory experiments are performed
  B) It makes use of controlled experiments
  C) It uses scientific methods to explain an observed phenomenon and predict future events
  D) It makes use of fieldwork
  Show Answer
  The correct answer is C .
• Question 2029: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 2030:

  Given: Investment = N100 million

  Consumption = N200 m + 0.75Y

  Y = C + I

  Where, Y =Income, C = Consumption and where

  I = Investment

  What is the income level to the nearest million?

  Options:
  A) N100 Million
  B) N300 Million
  C) N1,000 Million
  D) N1,200 Million
  Show Answer
  The correct answer is D .