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: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 992: If quantity supplied is constant irrespective of price changes, the supply elasticity is Options:
  A) unitary
  B) infinity
  C) fairly elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 993: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
  Show Answer
  The correct answer is A .
• Question 994: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 995:

  If the standard deviation of a given data is 8.2, find its variance_______________

  Options:
  A) 82.0
  B) 91.8
  C) 67.2
  D) 4.1
  Show Answer
  The correct answer is C .
• Question 996: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .
• Question 997: When the total product starts falling, then the marginal product is Options:
  A) constant
  B) increasing
  C) maximum
  D) negative
  E) zero
  Show Answer
  The correct answer is D .
• Question 998: In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is? Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 999:

  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 1000: Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because? Options:
  A) it would allowed for more money to be spent on luxuries
  B) the interest rate on the loan will increase
  C) it would decrease the demand for Nigeria's exports
  D) it would worsen Nigeria foreign exchange situation
  E) Nigerias oil would sell less in the world market
  Show Answer
  The correct answer is D .