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 2081: The equilibrium market price is determined at a point where? Options:
  A) consumers can buy all they desire
  B) sellers can dispose of all their wares
  C) the price is moderate
  D) quantity consumers desires equal quantity sellers offer
  E) sellers and buyers are not quarrelling
  Show Answer
  The correct answer is D .
• Question 2082: One of the characteristics of an imperfect market is the? Options:
  A) large number of buyers and sellers in the market
  B) awareness of market conditions by buyers
  C) availability of substitutes
  D) heterogenetity of products
  Show Answer
  The correct answer is D .
• Question 2083: When a business has unlimited liability Options:
  A) all its profits can be taxed away by the government
  B) all its assets are owned by the members of its board of directors
  C) the business ceases to exist at the death of one of its owners
  D) the owners are responsible for all its financial debts
  E) the owners are not responsible for all its financial debts
  Show Answer
  The correct answer is D .
• Question 2084: Which of the following is used by the Central Bank of Nigeria to control inflation? Options:
  A) Tariff on imports
  B) Tax rate
  C) Exchange rate
  D) Discount rate
  Show Answer
  The correct answer is D .
• Question 2085: The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume Options:
  A) 2
  B) 0.4
  C) 1
  D) 0.5
  Show Answer
  The correct answer is D .
• Question 2086: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 2087: An increase in the supply of labour in a factory while other things remain equal will lead to? Options:
  A) an increase in the wage rate and an increase in the number of people employed
  B) a decreased in the wage rate and a decrease in employment
  C) an increase in the wage rate and an decrease in the employment
  D) a decrease in the wage rate and an increase in employment
  Show Answer
  The correct answer is D .
• Question 2088: 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 2089:

  Which of the following is not a cause of unemployment_______

  Options:
  A) poor education
  B) lack of skills
  C) good government planning
  D) corruption
  Show Answer
  The correct answer is C .
• Question 2090: The term 'double coincidence ' of wants is usually associated with a? Options:
  A) bilateral exchange mechanism
  B) monetary exchange mechanism
  C) stock exchange system
  D) barter exchange mechanism
  Show Answer
  The correct answer is D .