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 2401:

  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 2402: The shape of the long-run average cost curve is best explained by the Options:
  A) law of diminishing returns
  B) law of returns to scale
  C) cost of fixed inputs
  D) cost of variable inputs
  Show Answer
  The correct answer is B .
• Question 2403:

  A strategy for improving agriculture in Nigeria will involve

  Options:
  A) controlling the prices of agricultural products
  B) ensuring self-sufficiency in food production
  C) reducing agricultural exports
  D) establishing commondity boards
  Show Answer
  The correct answer is B .
• Question 2404: If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out? Options:
  A) N9,000
  B) N3,330
  C) N2,770
  D) N2,100
  Show Answer
  The correct answer is D .
• Question 2405: The burden of a government tax on a commodity whose demand is inelastic will Options:
  A) be borne only by the government
  B) fall more heavily on consumers
  C) be shared equally between consumers and producers
  D) fall more heavily on producers
  Show Answer
  The correct answer is B .
• Question 2406: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 2407: The factor responsible for the current inflationary pressures in Nigeria is the Options:
  A) exchange rate depreciation
  B) increase in exports
  C) low per capital income
  D) budget surplus
  Show Answer
  The correct answer is A .
• Question 2408: Which of the following is NOT a positive contribution a petroleum to Nigeria economy? Options:
  A) Development of bat infrastructures
  B) Increase in National income
  C) Major employer of labour
  D) Major foreign exchange earned
  E) Turning the nation to mono-product economy
  Show Answer
  The correct answer is E .
• Question 2409: A set of factors that can shift the supply curve are changes in Options:
  A) weather, price and technology
  B) technology, weather and population
  C) technology, price and taste
  D) population, price and taste
  Show Answer
  The correct answer is B .
• Question 2410: A major feature of an underdeveloped economy is Options:
  A) excess capacity utilization
  B) low rate of population growth
  C) low level of standard of living
  D) low level of unemployment
  Show Answer
  The correct answer is C .