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 2951: Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be Options:
  A) The same as equilibrium supply
  B) Greater than equilibrium supply
  C) Less than the equilibrium supply
  D) Determined later by government
  E) None of these
  Show Answer
  The correct answer is C .
• Question 2952:

  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 2953: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 2954:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2955: Which of the following is NOT a cause of inflation? Options:
  A) excessive bank lending
  B) excessive deficit financing
  C) increase in domestics productivity
  D) increase in wages and salaries of workers
  E) increase in government expenditure
  Show Answer
  The correct answer is C .
• Question 2956: The use of tax and expenditure policy to regulate the economy is known as Options:
  A) deregulation
  B) fiscal policy
  C) monetary policy
  D) physical measures
  E) structural adjustment
  Show Answer
  The correct answer is B .
• Question 2957:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the mean?

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 27.2
  Show Answer
  The correct answer is B .
• Question 2958: The cost elasticity of supply is a useful instrument for measuring Options:
  A) profit
  B) productivity
  C) national income
  D) price index
  Show Answer
  The correct answer is B .
• Question 2959: The foreign exchange rate of a country is Options:
  A) the interest rate fixed by the central bank
  B) the price of one national currency in terms of another
  C) the rate at which the central bank issues money
  D) the rate of interest on government bonds
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 2960: A capitalist economy is one characterized by the? Options:
  A) private ownership of factors of production
  B) ownership of factors of production by rich members of the society
  C) use of capital and labour in fixed proportions during production
  D) use of capital intensive methods of production
  Show Answer
  The correct answer is A .