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 2031: Given that Qd = 40 + 2P and Qs = 6P - 24. Calculate the equilibrium price. Options:
  A) 34
  B) 32
  C) 36
  D) 16
  Show Answer
  The correct answer is D .
• Question 2032: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 2033: In developing countries, governments influence the location of industries in order to Options:
  A) spread development
  B) redistribute wealth
  C) encourage enterpreneurs
  D) encourage industries to earn high profits
  Show Answer
  The correct answer is A .
• Question 2034: An increase in the marginal cost of production causes Options:
  A) A downward movement along the supply curve
  B) A leftward shift of the supply curve
  C) A rightward shift of the supply curve
  D) An upward movement along the supply curve
  Show Answer
  The correct answer is D .
• Question 2035:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 2036: The price elasticity of supply of perishable goods is_________? Options:
  A) Elastic
  B) Unitary
  C) Inelastic
  D) Zero
  Show Answer
  The correct answer is D .
• Question 2037: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .
• Question 2038: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 2039: Which of the following financial assets consist the lowest rate of interest in Nigeria? Options:
  A) commercial bills
  B) call money
  C) treasury bills
  D) development loan stocks
  E) deposits with the federal savings bank
  Show Answer
  The correct answer is D .
• Question 2040: Devaluation is effective when? Options:
  A) demand for imports is price inelastic
  B) demand for imports is neutral
  C) production for export is low
  D) demand for exports is price elastic
  Show Answer
  The correct answer is D .