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 91: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 92: A country is said to have absolute advantage when she Options:
  A) has a higher opportunity cost in the production of a good
  B) can sell to other countries without buying from them
  C) can produce more of any good with fewer resources
  D) has a lower opportunity cost in the production of good
  Show Answer
  The correct answer is C .
• Question 93: Production takes place when Options:
  A) output is transformed into input
  B) machines replace human effort
  C) input is transformed into output
  D) there is specialization and division of labour
  Show Answer
  The correct answer is C .
• Question 94:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 95:

  When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to

  Options:
  A) 11
  B) 12
  C) $\frac{1}{2}$
  D) 2
  Show Answer
  The correct answer is D .
• Question 96: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
  Show Answer
  The correct answer is C .
• Question 97:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .
• Question 98: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 99:

  If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

  Options:
  A) 0.20
  B) 0.80
  C) 1.25
  D) 2.00
  Show Answer
  The correct answer is B .
• Question 100: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .