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 941: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 942: Inflation which is caused mainly increases in the prices of factors of production is described as? Options:
  A) cost-push inflation
  B) demand-pull inflation
  C) crawling inflation
  D) spiral inflation
  Show Answer
  The correct answer is A .
• Question 943:

  A limited liability company is owned by________________

  Options:
  A) a bank
  B) an individual
  C) two or more partners
  D) share holders
  Show Answer
  The correct answer is D .
• Question 944: If 100 units and units of commodity X are supplied at N80 at different times, it means that there is Options:
  A) a change in supply
  B) a change in the quantity supplied
  C) an increase in the quantity supplied
  D) a increase in the quantity supplied
  Show Answer
  The correct answer is B .
• Question 945:

  Nation engage in external trade because of difference in

  Options:
  A) comparative cost
  B) absolute cost
  C) fixed cost
  D) variable cost
  Show Answer
  The correct answer is A .
• Question 946:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 947:

  The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

  Options:
  A) Structural unemployment
  B) Cyclical unemployment
  C) Seasonal unemployment
  D) Frictional unemployment
  Show Answer
  The correct answer is A .
• Question 948: The population of a country will decrease if Options:
  A) the death rate exceeds the birth rate
  B) immigration is equal to emigration
  C) the birth rate exceeds the death rate
  D) there is rapid economic growth
  Show Answer
  The correct answer is A .
• Question 949:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 950: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .