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 211:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 212: For an inferior good, a decreased in real income will lead to? Options:
  A) a lower equilibrium price
  B) a change in quantity demanded
  C) an outward shift of the demand curve
  D) an inward shift of the demand curve
  Show Answer
  The correct answer is C .
• Question 213:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
  Show Answer
  The correct answer is D .
• Question 214:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 215: Mobility of labour is higher when there Options:
  A) is a monopoly of jobs in one location
  B) is intense competition for jobs in the same location
  C) are alternative jobs in the same location
  D) are no alternative jobs in the same location
  Show Answer
  The correct answer is C .
• Question 216: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
  Show Answer
  The correct answer is C .
• Question 217: In the agricultural sector, improved extension services facilitate? Options:
  A) acquistion of techniques
  B) arable crop production
  C) mobility of labour
  D) livestock production
  Show Answer
  The correct answer is A .
• Question 218: A continuous increase in national income accompanied by the structural transformation of all indices is called Options:
  A) economic planning
  B) economic growth
  C) economic reforms
  D) economic development
  Show Answer
  The correct answer is D .
• Question 219:

  

  The long-run equilibrium price and quantity forthe firm are respectively

  Options:
  A) OP, OY
  B) OR, OZ
  C) OR, OX
  D) OQ, OZ
  Show Answer
  The correct answer is C .
• Question 220: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
  Show Answer
  The correct answer is C .