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 841: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .
• Question 842: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 843: Maximum wage legislation seeks to Options:
  A) fix wages above the equilibrium wage rate
  B) set wages below the equilibrium wage rate
  C) deter employers from exploiting their employees
  D) ensure an upper limit to the wages payable
  Show Answer
  The correct answer is D .
• Question 844: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 845: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
  Show Answer
  The correct answer is A .
• Question 846:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 847: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .
• Question 848: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
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  The correct answer is C .
• Question 849: An agreement among firms on price and segmentation is termed Options:
  A) cartel
  B) collusion
  C) haggling
  D) specialization
  Show Answer
  The correct answer is A .
• Question 850: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .