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 2101: A monopolist can boost up his revenue by Options:
  A) adjusting both price and output upward
  B) reducing total output to match price
  C) increasing price
  D) reducing price
  Show Answer
  The correct answer is B .
• Question 2102: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
  Show Answer
  The correct answer is B .
• Question 2103:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 2104: To which of the following sectors do services belong? Options:
  A) Primary
  B) Secondary
  C) Tertiary
  D) Construction
  Show Answer
  The correct answer is C .
• Question 2105: When workers have a union, the supply of labour is said to be Options:
  A) monopolistic
  B) oligopolistic
  C) monopsonistic
  D) competitive
  Show Answer
  The correct answer is A .
• Question 2106: Farmers' income may fall if they produce more cash crops for export because? Options:
  A) foreign demand is inelastic
  B) the price of the crops will rise
  C) of domestic currency depreciation
  D) of export duties
  Show Answer
  The correct answer is A .
• Question 2107: Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs? Options:
  A) 20
  B) 15
  C) 50
  D) 30
  Show Answer
  The correct answer is A .
• Question 2108: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 2109: If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is Options:
  A) N1.50
  B) N0.40
  C) N1.00
  D) N2.00
  Show Answer
  The correct answer is B .
• Question 2110: If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then? Options:
  A) the equilibrium price and quantity will increase
  B) only the price will increase
  C) only the quantity will increase
  D) the price will remain constant
  Show Answer
  The correct answer is B .