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 2281:

  

  The optimum level of output of the firm is

  Options:
  A) BC
  B) OB
  C) OS
  D) BS
  Show Answer
  The correct answer is B .
• Question 2282:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .
• Question 2283: Disposable income is total income Options:
  A) less tax
  B) divided by tax
  C) plus tax
  D) multiplied by tax
  Show Answer
  The correct answer is A .
• Question 2284: A situation in which a commodity is sold abroad below its cost of production in the home country is known as? Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 2285: Inflation is a ……………. Options:
  A) general increase in the price of a single product
  B) period of economic recession
  C) period of hunger
  D) period of excessive money
  E) persistent rise in the general price level
  Show Answer
  The correct answer is E .
• Question 2286: The use of modern weaving machines in the production of local fabric will result in Options:
  A) an increase in the demand for labour
  B) a decrease in the demand for labour
  C) an increase in wages
  D) a decrease in wages
  Show Answer
  The correct answer is B .
• Question 2287:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2288: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
  Show Answer
  The correct answer is D .
• Question 2289: A production possibility curve shows the Options:
  A) resources used to produce a particular commodity
  B) possible combinations of two commodities
  C) rate of inflation
  D) rate of unemployment in the country
  E) tabular illustration of production possibilities
  Show Answer
  The correct answer is B .
• Question 2290: Which of the following is NOT an advantage of localization of industry? Options:
  A) Availability of social amenities
  B) Development of subsidiary industries
  C) Highly organized markets
  D) supply of skilled labour
  E) traffic De-congestion
  Show Answer
  The correct answer is E .