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 871: Which of the following is a disadvantage of regional concentration of industries? Options:
  A) Development of congested urban areas
  B) Existence of regional unempolyment
  C) High cost of labour
  D) Immobility of labour
  Show Answer
  The correct answer is A .
• Question 872: 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 873:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
  Show Answer
  The correct answer is D .
• Question 874:

  

  In the diagram above W₁, W₂, W₃ and W₄ are different wage rates. The minimum wage rate is

  Options:
  A) W₁
  B) W₂
  C) W₃
  D) W₄
  Show Answer
  The correct answer is B .
• Question 875: What is the effect of inelastic demand for agricultural products on the income of a farmer? Options:
  A) A price rise results in its fall
  B) A price fall results in its fall
  C) A price fall results in its rise
  D) A price rise leaves the income unchanged
  Show Answer
  The correct answer is A .
• Question 876:

  The type of unemployment found among workers who leave their jobs in search of other jobs is termed

  Options:
  A) seasonal unemployment
  B) structural unemployment
  C) frictional unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 877: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .
• Question 878:

  

  The graphs illustrate

  Options:
  A) joint demand
  B) derived demand
  C) composite demand
  D) competitive demand
  Show Answer
  The correct answer is D .
• Question 879: Macroeconomics is a study of economics science from the point of view of? Options:
  A) resource markets or production units
  B) individual producers or consumers
  C) aggregate or general economy
  D) companies or individual firms
  Show Answer
  The correct answer is C .
• Question 880: Wage freeze is a policy measure aimed at Options:
  A) encouraging investors
  B) curbing inflation
  C) regulating standard of living
  D) curbing deflation
  Show Answer
  The correct answer is B .