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 1091: Unlike the retailer, the wholesaler provides? Options:
  A) useful information to the manufacturer about consumers'taste
  B) after-sales services to the consumers
  C) useful information to the costumers on the benefits and uses of the product
  D) useful information about market trends and finance to the manufacturer
  Show Answer
  The correct answer is D .
• Question 1092: The sloping downward of the demand curve implies that? Options:
  A) an increase in price leads to an increase in quantity demanded
  B) an increase in price leaves the quantity demanded unchanged
  C) a decrease in price leads to a decreased in quantity demanded
  D) a decrease in price leads to an increase in quantity demanded
  E) supplies respond by offering less commodities for sale
  Show Answer
  The correct answer is D .
• Question 1093:

  A strategy for improving agriculture in Nigeria will involve

  Options:
  A) controlling the prices of agricultural products
  B) ensuring self-sufficiency in food production
  C) reducing agricultural exports
  D) establishing commondity boards
  Show Answer
  The correct answer is B .
• Question 1094:

  Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

  Options:
  A) 195 million people per sq km
  B) 5132 people per sq km
  C) 195 people per sq km
  D) 1.7 million people per sq km
  Show Answer
  The correct answer is C .
• Question 1095:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 1096: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 1097: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .
• Question 1098: One of the purposes of advertisement in marketing is to? Options:
  A) change the quality of the product
  B) raise the quantity of the product demanded as its price falls
  C) shift the demand curve for the product to the right
  D) raise production cost
  Show Answer
  The correct answer is C .
• Question 1099: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do? Options:
  A) Check how much he has
  B) Find out which is the cheapest of the items
  C) Draw up a scale of preference
  D) Weigh the opportunity cost of each item against the other
  Show Answer
  The correct answer is C .
• Question 1100:

  Nation engage in external trade because of difference in

  Options:
  A) comparative cost
  B) absolute cost
  C) fixed cost
  D) variable cost
  Show Answer
  The correct answer is A .