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 1: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 2:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 3: Through membership of the Economic Community of West African States (ECOWAS) countries have achieved Options:
  A) a large market for their products
  B) emancipation of Africa
  C) full employment of resources
  D) higher transportation cost of goods within the region
  E) military superiority over other African countries
  Show Answer
  The correct answer is A .
• Question 4: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) long-term financial instruments
  B) money market instruments
  C) cash and near money
  D) short-term financial instruments
  Show Answer
  The correct answer is C .
• Question 5: For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be? Options:
  A) downward sloping and price inelastic
  B) perfectly price elastic
  C) downward sloping but price inelastic
  D) perfectly price inelastic
  Show Answer
  The correct answer is B .
• Question 6: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .
• Question 7: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 8:

  If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

  Options:
  A) 0.50
  B) 0.65
  C) 2.00
  D) 2.50
  Show Answer
  The correct answer is C .
• Question 9: If high unemployment goes hand in hand with rising prices, the situation created is? Options:
  A) hyperinflation
  B) stagflation
  C) moderate inflation
  D) galloping inflation
  Show Answer
  The correct answer is B .
• Question 10: A rise in income will, ceteris paribus, bring about Options:
  A) a movement along the demand curve
  B) a leftward shift of the demand curve
  C) a rightward shift of the demand curve
  D) no effect on the demand curve
  Show Answer
  The correct answer is B .