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 2371: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .
• Question 2372:

  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 2373:

  A demand which is positively related to price is true of

  Options:
  A) normal goods
  B) giffen goods
  C) ostentatious goods
  D) capital goods
  Show Answer
  The correct answer is B .
• Question 2374: In calculating mean one should Options:
  A) add the highest and the lowest number
  B) divide the highest and the lowest number
  C) divide the sum of the figure by the number of the figure
  D) find the most common number
  E) pick any number that has no partner
  Show Answer
  The correct answer is C .
• Question 2375: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
  Show Answer
  The correct answer is D .
• Question 2376: A free trade area emerges when? Options:
  A) traders from one part of the country can move freely to other parts
  B) customs regulation are harmonized among countries
  C) a group of countries decide to remove restrictions on imports from one another
  D) the UNCTAD is in force
  Show Answer
  The correct answer is C .
• Question 2377:

  

  The table above shows a demand schedule for eggs. What is the equilibrium price?

  Options:
  A) N 100
  B) N110
  C) N60
  D) N80
  Show Answer
  The correct answer is D .
• Question 2378:

  Which of the following is a major export crop in Nigeria?

  Options:
  A) cocoa
  B) coffee
  C) copper
  D) kola nut
  E) soy beans
  Show Answer
  The correct answer is A .
• Question 2379: An increase in the quantity supplied of commodity suggests Options:
  A) a leftward shift of the supply curve
  B) a rightward shift of the supply curve
  C) a movement along the supply curve
  D) an increase in elasticity of supply
  Show Answer
  The correct answer is C .
• Question 2380:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .