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 1081:

  By utility we mean________

  Options:
  A) Uselessness
  B) Power of satisfying a want
  C) Beneficial
  D) Consumable
  Show Answer
  The correct answer is B .
• Question 1082: The major objective of a revenue allocation formula in a country is to Options:
  A) share revenue between the different tiers of government
  B) divert revenue from areas of surplus to areas of need
  C) ensures the financial viability of the country
  D) share revenue between the public and private factors
  Show Answer
  The correct answer is A .
• Question 1083: If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called Options:
  A) composite demand
  B) elastic demand
  C) derived demand
  D) competitive demand
  E) inelastic demand
  Show Answer
  The correct answer is D .
• Question 1084: Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is? Options:
  A) 0.25
  B) 0.40
  C) 4.00
  D) 25.00
  Show Answer
  The correct answer is D .
• Question 1085: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
  Show Answer
  The correct answer is B .
• Question 1086: pricing and output decisions of sellers are highly interdependent in markets known as? Options:
  A) oligopoly
  B) perfect competition
  C) monopoly
  D) monopolistic competition
  E) imperfect competititon
  Show Answer
  The correct answer is A .
• Question 1087: Under normal circumstances the concept of consumers sovereignty implies that Options:
  A) the consumer and not the producer owns the means of production
  B) the producer and not the consumer determines what is to be produced
  C) the consumer and not the producer determines what is to be produced
  D) both the consumer and the producer determines what should be produced
  Show Answer
  The correct answer is B .
• Question 1088: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 1089:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 1090: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .