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 1161: What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices? Options:
  A) Free market
  B) Perfectly competitive market
  C) Controllled market
  D) Stock exchange market
  E) Open market
  Show Answer
  The correct answer is B .
• Question 1162: For normal goods the income elasticity of demand is? Options:
  A) positive
  B) negative
  C) zero
  D) infinite
  Show Answer
  The correct answer is A .
• Question 1163: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .
• Question 1164: The movement of goods and services from the producers to the consumers is referred to as Options:
  A) external trade
  B) the distribution chain
  C) the circular flow
  D) consumption
  Show Answer
  The correct answer is B .
• Question 1165: The following can be used to improve a country’s balance of payment EXCEPT Options:
  A) anti-dumping policies
  B) decreasing taxation on personal income
  C) granting subsidies to export producers
  D) increasing import duties
  E) removing export duties
  Show Answer
  The correct answer is B .
• Question 1166:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 1167:

  Scale of preference shows

  Options:
  A) incomes of consumers in order of size
  B) utilities enjoyed by consumers
  C) opportunity cost of goods consumed
  D) consumer's wants in order of priority
  Show Answer
  The correct answer is D .
• Question 1168: For a firm, value added can be defined as the difference between the Options:
  A) input prices and product prices
  B) value of its output and inputs purchased from other firms
  C) value of its output and the cost of production
  D) total revenue and total cost
  Show Answer
  The correct answer is B .
• Question 1169: If the demand of a product with perfectly elastic supply increases, there will be Options:
  A) An increase in price and quantity offered
  B) An increase in quantity offered but price will remain the same
  C) A reduction in price and quantity offered
  D) An increase in price but a reduction in quantity offered for sale
  E) An increase in quantity offered but a reduction in price
  Show Answer
  The correct answer is B .
• Question 1170: The following are the main problems of distribution of essential commodities in Nigeria EXCEPT Options:
  A) excessive demand
  B) hoarding of goods
  C) long chain of distribution
  D) poor storage facilities
  E) poor transportation network
  Show Answer
  The correct answer is A .