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 371:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 372: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
  Show Answer
  The correct answer is C .
• Question 373: Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income? Options:
  A) N380m
  B) N20m
  C) N180m
  D) N200m
  Show Answer
  The correct answer is A .
• Question 374: In the demographic transition theory, stage II represents a stage where Options:
  A) declining birth rates with low death rates lead to little or no population growth
  B) high birth rate with low death rates lead to no population growth
  C) there is population growth due to high birth rates and low death rates at that stages
  D) there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
  E) there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
  Show Answer
  The correct answer is D .
• Question 375:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 376:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 377:

  A typical corporate form of business organization is owned by ______

  Options:
  A) Shareholders
  B) A local government
  C) The president of a country
  D) Foreigners and citizens of the country.
  Show Answer
  The correct answer is A .
• Question 378: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .
• Question 379:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 380:

  As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

  Options:
  A) Input
  B) Commodities
  C) Output
  D) Factors
  Show Answer
  The correct answer is C .