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 1011:

  Which of the following is likely to be inflationary

  Options:
  A) taxes increase
  B) increase in unemployment
  C) budget surplus
  D) wages increase
  Show Answer
  The correct answer is D .
• Question 1012: The demand curve for a luxury goods is Options:
  A) negatively sloped
  B) parallel to the price axis
  C) parallel to the quantity axis
  D) positively sloped
  Show Answer
  The correct answer is D .
• Question 1013: The oil-producing area in Nigeria are agitating for special compensation owing mainly to Options:
  A) the high level of poverty
  B) the high level of unemployment
  C) constant flooding
  D) environmental pollution
  Show Answer
  The correct answer is D .
• Question 1014:

  The price mechanism

  Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 1015: The necessity of choice is due to the fact that? Options:
  A) human wants are insatiable
  B) consumers like to maximize satisfaction
  C) resources are abundant
  D) consumers are selective
  Show Answer
  The correct answer is A .
• Question 1016: Which of the following is NOT a feature of underdevelopment? Options:
  A) Low per capita income
  B) Vicious circle of poverty
  C) Low level of industrialization
  D) Greater dependence on primary production
  E) High per capita income
  Show Answer
  The correct answer is E .
• Question 1017: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 1018:

  Given: Investment = N100 million

  Consumption = N200 m + 0.75Y

  Y = C + I

  Where, Y =Income, C = Consumption and where

  I = Investment

  What is the income level to the nearest million?

  Options:
  A) N100 Million
  B) N300 Million
  C) N1,000 Million
  D) N1,200 Million
  Show Answer
  The correct answer is D .
• Question 1019:

  The coefficient of the price elasticity of supply is always_____________

  Options:
  A) Constant
  B) Zero
  C) Positive
  D) Negative
  Show Answer
  The correct answer is C .
• Question 1020: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .