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 21: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .
• Question 22: 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 23: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 24:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .
• Question 25: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
  Show Answer
  The correct answer is C .
• Question 26: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 27: Which of the following does NOT represent the behavior of a monopolist? Options:
  A) Manipulating the market price of his goods
  B) Manipulating both the price and quantity of his goods at the same time
  C) Raising the price at one market, lowering it at another market
  D) Manipulating only quantity, price being a given factor
  E) Manipulating the quantity of his goods
  Show Answer
  The correct answer is B .
• Question 28: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 29:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 30:

  	Amount of labour days	Cocoa (tons)	Cloth (metres)
  Country I	200	600	900
  Country II	200	300	800

  Summary of production conditions in countries l and ll.

  From the table, we can correctly say in respect of international trade that

  Options:
  A) country I has absolute disadvantage in the production of both cocoa and cloth
  B) country I has absolute advantage in the prodcttion of both cocoa and cloth
  C) country ll has absolute advantage in the production of both cocoa and cloth
  D) country ll has a comparative advantage in the production of cocoa
  E) country ll should leave the production of both cocoa and cloth to country l.
  Show Answer
  The correct answer is B .