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 2251: One way of correcting the balance of payments problem of a country is to? Options:
  A) introduce import-promotion measures
  B) buy investments abroad
  C) devalue the currency
  D) de-emphasize import-substitution industries
  Show Answer
  The correct answer is B .
• Question 2252:

  Market Schedules for Milk:

  Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
  8k	25,000	7,500
  10k	23,000	9,000
  13k	20,000	11,500
  15k	18,000	13,000
  18k	15,000	15,000
  20k	13,000	17,500
  23k	10,000	21,000
  25k	8,000	24,000

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  Options:
  A) 15k, 13,000
  B) 20k, 17,500
  C) 13k, 20,000
  D) 18k, 18,000
  E) 18k, 15,000
  Show Answer
  The correct answer is E .
• Question 2253: 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 2254:

  A country with over-valued currency will

  Options:
  A) expect balance of payments surplus
  B) have increased demand for the exports
  C) increase her foreign reserve
  D) decrease her foreign reserve
  Show Answer
  The correct answer is D .
• Question 2255: The non-bank financial institutions that are entrusted with workers contributions towards retirements are Options:
  A) Mortgage institutions
  B) Investment companies
  C) Pension funds custodians
  D) Pension funds administrators
  Show Answer
  The correct answer is C .
• Question 2256: A rise in income will, ceteris paribus, bring about Options:
  A) a movement along the demand curve
  B) a leftward shift of the demand curve
  C) a rightward shift of the demand curve
  D) no effect on the demand curve
  Show Answer
  The correct answer is B .
• Question 2257: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 2258: The optimal range of output for a perfectly competitive firm is Options:
  A) AC is lowest
  B) AVC is lowest
  C) MC is rising
  D) MC is falling
  Show Answer
  The correct answer is B .
• Question 2259:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 2260: Retailers in an economy perform the function of Options:
  A) production
  B) exchange
  C) distribution
  D) horading
  E) investment
  Show Answer
  The correct answer is C .