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 991: Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities Options:
  A) Fairness
  B) The distribution of income and wealth
  C) Public need which is determined by the government
  D) Private needs determined by the market
  E) The ability of individual to make profit
  Show Answer
  The correct answer is C .
• Question 992: Because money serves as a standard for deferred payments Options:
  A) it serves as a store of value
  B) goods can be bought on credit with pre-determined value
  C) future trade becomes possible
  D) it serves as a unit of account
  E) it becomes valuable
  Show Answer
  The correct answer is B .
• Question 993: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
  Show Answer
  The correct answer is A .
• Question 994:

  

  What type of price elasticity of demand is the diagram above representing?

  Options:
  A) perfectly inelastic demand
  B) perfectly elastic demand
  C) fairly elastic demand
  D) composite demand
  Show Answer
  The correct answer is A .
• Question 995: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 996: One of the probable effects of an increased minimum wage in Nigeria is? Options:
  A) to create volunteer unemployment
  B) to decrease the wage rate
  C) to increase the level of unemployment
  D) to create involuntary unemployment
  E) to increase the demand for labour
  Show Answer
  The correct answer is D .
• Question 997: In market economies, resources are allocated through the? Options:
  A) government authorities
  B) price system
  C) banking system
  D) central planning bureau
  E) revenue allocation formula
  Show Answer
  The correct answer is B .
• Question 998:

  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 999: A bank is said to be distressed when it? Options:
  A) is unable to deal with the Central Bank
  B) has a low level of capital base
  C) has low level of deposits
  D) experiences serious liquidity crisis
  Show Answer
  The correct answer is D .
• Question 1000:

  Price (₦)	Quantity Demanded
  8	10
  6	12

  If we move from 8 to 6, the elasticity of demand is_______

  Options:
  A) -1.25
  B) 0.62
  C) 1.25
  D) 1
  Show Answer
  The correct answer is C .