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 2321: The range of the data 14,13,15,18,20,35 and 13 is Options:
  A) 20
  B) 22
  C) 13
  D) 18
  Show Answer
  The correct answer is B .
• Question 2322:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .
• Question 2323: 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 2324:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 2325: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .
• Question 2326: A good measure of the standard of living usually used for international comparison is Options:
  A) gross natioal income (GNI)
  B) net national income (NNI)
  C) gross national product (GNP)
  D) gross domestic product (GDP)
  E) per capital income (PCI)
  Show Answer
  The correct answer is E .
• Question 2327: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
  Show Answer
  The correct answer is C .
• Question 2328: The sloping downward of the demand curve implies that? Options:
  A) an increase in price leads to an increase in quantity demanded
  B) an increase in price leaves the quantity demanded unchanged
  C) a decrease in price leads to a decreased in quantity demanded
  D) a decrease in price leads to an increase in quantity demanded
  E) supplies respond by offering less commodities for sale
  Show Answer
  The correct answer is D .
• Question 2329:

  The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

  Options:
  A) an Improvement in capital goods technology but not In consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is B .
• Question 2330:

  Local firms can help in reducing unemployment in a country when

  Options:
  A) land acquisition becomes centralized
  B) imports of substitutes are reduced
  C) waste in the firm is eliminated
  D) subsidies to firms are decreased
  Show Answer
  The correct answer is B .