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 311: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
  Show Answer
  The correct answer is A .
• Question 312: The middlemen in the chain of distribution are? Options:
  A) manufacturers and consumers
  B) wholesalers and retailers
  C) consumers and wholesalers
  D) retailers and consumers
  Show Answer
  The correct answer is B .
• Question 313: If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was Options:
  A) structurally unemployed
  B) frictionally unemployed
  C) seasonally unemployed
  D) cyclically unemployed
  Show Answer
  The correct answer is B .
• Question 314: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .
• Question 315: In the long run, all production factors are? Options:
  A) fixed
  B) semi fixed
  C) variable
  D) semi-variable
  Show Answer
  The correct answer is C .
• Question 316: Liquidity preference refers to the? Options:
  A) needs to borrow money for short periods to meet some temporary crises
  B) wish to hold more funds for precautionary purpose
  C) need to increase the money supply in order to lower the interest rate
  D) demand to hold money as assets rather than as stocks
  Show Answer
  The correct answer is D .
• Question 317: Which of the following is NOT an instrument in the money market? Options:
  A) Treasury bill
  B) Bill of exchange
  C) Stocks and shares
  D) Call money fund
  Show Answer
  The correct answer is C .
• Question 318:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 319: Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is? Options:
  A) N 1.5 m
  B) N 2.0m
  C) the house
  D) the car
  Show Answer
  The correct answer is C .
• Question 320: The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to? Options:
  A) raise the price of the commodity and affect the quantity in an indeterminate way
  B) decrease the equilibrium quantity and affect the price in an intermediate way
  C) raise its price as well as the equilibrium quantity
  D) lower it price while affecting the equilibrium quantity in an interminate way
  Show Answer
  The correct answer is C .