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 2601:

  

  The maximum number of workers that should be hired is

  Options:
  A) 2
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is C .
• Question 2602: An important determinant of price elasticity of demand is Options:
  A) the state of technology
  B) the prices of other commodities
  C) the ease of substitution
  D) government policy
  Show Answer
  The correct answer is C .
• Question 2603: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 2604: The organization which provides credit to help countries achieve short-term balance in their balance of payment is the? Options:
  A) Economic Community of West Africa States
  B) International Monetary Fund
  C) International Bank for Reconstruction and Development
  D) African Develoment Bank
  Show Answer
  The correct answer is B .
• Question 2605:

  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 2606: One of the functions of commercial banks is Options:
  A) maintaining stable price in the economy
  B) regulating monetary policies
  C) granting loans to customers
  D) issuing bank notes and coins
  Show Answer
  The correct answer is C .
• Question 2607:

  If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for ₦500, what will be United Kingdom's exchange rate with Nigeria?

  Options:
  A) $0.05 = ₦1.00
  B) $0.06 = ₦1.00
  C) $0.11 = ₦1.00
  D) $0.12 = ₦1.00
  Show Answer
  The correct answer is D .
• Question 2608: The age distribution of a country's population determines the? Options:
  A) ratio of the dependent to the working group
  B) total age of all working class adults
  C) male-female ratio
  D) percentage of married women
  Show Answer
  The correct answer is A .
• Question 2609:

  

  The movement of curve I to ll 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 A .
• Question 2610:

  If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

  Options:
  A) only the quantity will increase
  B) The prices will remain constant
  C) the equilibrium price and quantity will increase
  D) only the price will increase
  Show Answer
  The correct answer is C .