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 921:

  

  The diagram illustrates

  Options:
  A) the circular flow of income
  B) gross national product plus depreciation
  C) incomes of the private sector
  D) the profit of business enterprises
  E) the output approach to national income determination
  Show Answer
  The correct answer is A .
• Question 922: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 923: when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following Options:
  A) a fall in income
  B) a rise in the price of a complement
  C) a fall in the price of substitute
  D) a change in taste against this commodity
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 924: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
  Show Answer
  The correct answer is B .
• Question 925: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 926: A movement along the same demand curve is caused by the Options:
  A) price of the product
  B) price of other products
  C) income of the consumer
  D) taste of the consumer
  Show Answer
  The correct answer is A .
• Question 927: A change in the pump price of petrol in Nigeria has a direct effect on the Options:
  A) prices of consumer goods
  B) prices of essential goods
  C) cost of raw materials
  D) cost of transportation
  Show Answer
  The correct answer is B .
• Question 928: The law of demand can be expressed as Options:
  A) P = f(Q _d)
  B) Q _d = f($\frac{1}{p}$
  C) P = f($\frac{1}{Q_d}$
  D) Qd = f(P)
  Show Answer
  The correct answer is B .
• Question 929: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
  Show Answer
  The correct answer is C .
• Question 930:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .