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 301: Which of the following statement is TRUE of the effect of changes in demand and supply on price? Options:
  A) A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  B) An increase in demand will lead to a fall in price and quantity bought and sold
  C) A decrease in demand will lead to a rise in price and in the quantity bought and sold
  D) An increase in supply will lead to a fall price and a rise in the quantity bought and sold
  Show Answer
  The correct answer is D .
• Question 302: If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? Options:
  A) fall in both quantity of demand and total revenue
  B) fall in the quantity demanded and rise in total revenue
  C) fall in the quantity demanded and rise in marginal revenue
  D) rise in both the quantity demanded and the marginal revenue
  Show Answer
  The correct answer is A .
• Question 303: The main objective of WTO is to Options:
  A) ensure adequate protection of infant industries
  B) provide a mechanism for tariff reduction
  C) assist countries with chronic balance of payments problem
  D) assist developing countries to execute developmental projects
  Show Answer
  The correct answer is D .
• Question 304:

  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 305: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 306:

  

  The firm portrayed is selling in

  Options:
  A) a purely competitive market
  B) a market in which demand elastic at all prices
  C) an imperfectly competitive markket
  D) a market in which companies produce homogeneous commodities
  Show Answer
  The correct answer is C .
• Question 307:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 308: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
  Show Answer
  The correct answer is B .
• Question 309: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
  Show Answer
  The correct answer is A .
• Question 310: A significant effect of the growth of the oil sector in Nigeria has been to? Options:
  A) increase the rate of unemployment
  B) diminish the percentage contribution of the agricultural sector to GNP
  C) slow down the pace of industrialization
  D) retard the rate of economic growth
  Show Answer
  The correct answer is B .