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 2361: If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct? Options:
  A) An increase in demand for X will increase the supply of Y
  B) An increase in demand for X will shift the supply of Y
  C) An increase in demand for Y will raise the price of X
  D) An increase in demand for X will cause less of Y to be produced
  E) A probable tax on Y will cause more of X to be supplied
  Show Answer
  The correct answer is A .
• Question 2362: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 2363: An increase in the circulation of money without a corresponding increase in output will lead to Options:
  A) a rise in income levels
  B) stagflation
  C) inflation
  D) deflation
  Show Answer
  The correct answer is C .
• Question 2364:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2365:

  If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

  Options:
  A) 2
  B) 4
  C) 5
  D) 3
  Show Answer
  The correct answer is D .
• Question 2366:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2367: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
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  The correct answer is A .
• Question 2368:

  Inflation can be curbed by _______

  Options:
  A) Deficit budget
  B) Paying higher wages
  C) Increased aggregate demand
  D) Reducing aggregate demand
  Show Answer
  The correct answer is D .
• Question 2369:

  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 2370:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .