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 1171: The distinguishing characteristic between the money market and the capital market lies in whether the Options:
  A) securities are primary or secondary
  B) debt instruments provided are long-term or short-term
  C) funds mobilized are private or public
  D) securities are in debentures or ordinary shares
  Show Answer
  The correct answer is B .
• Question 1172:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 1173: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 1174:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 1175: Which is NOT a method of raising capital funds in Nigeria? Options:
  A) Borrowing from abroad
  B) Internal borrowing
  C) Nigerianization of foreign companies
  D) Gifts from abroad
  E) Saling government bonds
  Show Answer
  The correct answer is C .
• Question 1176:

  $$\begin{array}{|cccccccc|}\hline \text{Q (ton)}& 400& 500& 600& 700& 800& 900& 1000\\ \text{TC (N)}& 16000& 18000& 19800& 21000& 24000& 31500& 40000\\ \text{TR (N)}& 20000& 22500& 24000& 24500& 25000& 18000& 15000\\ \hline\end{array}$$

  The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

  Options:
  A) 400
  B) 500
  C) 600
  D) 700
  Show Answer
  The correct answer is B .
• Question 1177: The law of diminishing marginal utility states: Options:
  A) The supply curve slopes downward
  B) Your utility grows at a slower and slower rate as you consume more and more unit of a good.
  C) The elasticity of demand is infinite
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1178:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 1179: One of the major problems of product distribution in most developing countries is? Options:
  A) lack of storage facilities
  B) large number of middlemen
  C) inadequate manpower
  D) inadequate means of transportation
  Show Answer
  The correct answer is D .
• Question 1180: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .