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 minimum number of share holders for joint stock companies is_______________

  Options:
  A) 4
  B) 2
  C) 7
  D) 3
  Show Answer
  The correct answer is C .
• Question 1172: For two substitution goods, the cross elastic of demand is? Options:
  A) greater than one but less than two
  B) zero
  C) negative
  D) positive
  E) infinity
  Show Answer
  The correct answer is D .
• Question 1173:

  

  In the diagram above, the price P₂ in price control situation, is referred to as

  Options:
  A) minimum price
  B) markup price
  C) maximum price
  D) mark-down price
  Show Answer
  The correct answer is C .
• Question 1174: An increasing population might be of economic benefit to a country if? Options:
  A) the female population is greater than the male population
  B) the dependency ratio is increasing as the total population increases
  C) a continuosly higher proportion falls into working class category
  D) the rural and urban proportion ae balanced
  Show Answer
  The correct answer is C .
• Question 1175: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 1176: 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 1177:

  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 1178:

  

  In the diagram equilibrium price is:

  Options:
  A) P₂
  B) P_o
  C) P₁
  D) indeterminate
  E) between P_o and P₁ Diagram P.2
  Show Answer
  The correct answer is B .
• Question 1179:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1180: An inflation which occurs as a result of increase in production cost is known as Options:
  A) cost-push inflation
  B) creeping inflation
  C) demand-pull inflation
  D) hyper-inflation
  E) runaway inflation
  Show Answer
  The correct answer is A .