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 1041: Which modal of the factor is inelastic? Options:
  A) Wages
  B) capital
  C) labour
  D) land
  Show Answer
  The correct answer is D .
• Question 1042: Which of the following is the major function of the wholesaler? Options:
  A) Bulk breaking
  B) Provision of useful information to th manufacturer on products
  C) Provision of after-sales services to consumers
  D) Provision of warehouse facility
  Show Answer
  The correct answer is A .
• Question 1043:

  Economics is often described as a social science because?

  Options:
  A) laboratory experiments are performed
  B) It makes use of controlled experiments
  C) It uses scientific methods to explain an observed phenomenon and predict future events
  D) It makes use of fieldwork
  Show Answer
  The correct answer is C .
• Question 1044:

  

  The excess profit made by the firm in the short-run is represented by

  Options:
  A) ORTZ
  B) OPVY
  C) ORTW
  D) ORSX
  Show Answer
  The correct answer is A .
• Question 1045: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B .
• Question 1046: Cross elasticity of demand can be mathematically expressed as the Options:
  A) $\frac{\text{\% change in quantity of commodity X}}{\text{\% change in quantity of commodity Y}}$
  B) $\frac{\text{\% change in quantity demanded}}{\text{\% change in price}}$
  C) $\frac{\text{\% change in quantity demanded of commodity X}}{\text{\% change in price of commodity Y}}$
  D) $\frac{\text{\% change in quantity demanded}}{\text{\% change in income}}$
  Show Answer
  The correct answer is C .
• Question 1047:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1048:

  The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

  Options:
  A) 145
  B) 15
  C) 90
  D) 6
  Show Answer
  The correct answer is B .
• Question 1049: Import duty concessions on the industrial inputs directly benefit the Options:
  A) consumers
  B) external sector
  C) commercial sector
  D) manufacturers
  Show Answer
  The correct answer is D .
• Question 1050: The invisible hand promotes the interests of Options:
  A) consumers
  B) society
  C) government
  D) producers
  Show Answer
  The correct answer is C .