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 271: 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 272: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 273: Under perfect competition, the long-run equilibrium requires? Options:
  A) MR = MC
  B) MR = AC = AR
  C) MR > MC
  D) MR = MC = AR = AC
  E) AR = AC
  Show Answer
  The correct answer is D .
• Question 274: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
  Show Answer
  The correct answer is B .
• Question 275: Which of the following is NOT directly concerned with dealings in treasury bills? Options:
  A) The stock exchange
  B) The Central bank
  C) Commercial banks
  D) Discount houses
  Show Answer
  The correct answer is D .
• Question 276: The meaning of ‘wage-price spiral’ is? Options:
  A) demand pull and cost push inflation pulling each other in different director
  B) demand pull and cost push inflation intensifying each other
  C) both of them bringing about a reduction in the price level
  D) that demand pull and cost push inflation increases employment
  E) that wages and prices are rising at a proportional rate
  Show Answer
  The correct answer is B .
• Question 277: A production possibility curve shows? Options:
  A) how much of the resources of society are used to produce a particular commodity
  B) the rate of inflation
  C) the rate of unemployment in the economy
  D) the various combinations of two commodities that can be produced
  Show Answer
  The correct answer is D .
• Question 278: A capital market differs from the money market in that in the former? Options:
  A) loan sought is short term
  B) loan reayment is guaranteed
  C) loan sought is long term
  D) the percentage of interest chargedis more
  Show Answer
  The correct answer is C .
• Question 279:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 280: Indicate which of the following are invisible trade items in a country’s balance of payments? Options:
  A) oil exports and imports
  B) Gold and foreign reserves
  C) foreign investment
  D) Dividends and profit
  E) Expenditure on the shipping and tourism
  Show Answer
  The correct answer is E .