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 1181: The price of a good will not be affected by the imposition of a sales tax on it if the? Options:
  A) supply is inelastic
  B) demand is inelastic
  C) supply is perfectly elastic
  D) demand is perfectly elastic
  Show Answer
  The correct answer is D .
• Question 1182: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause? Options:
  A) its exports to rise
  B) its imports to rise
  C) gold to flow into that country
  D) its currency to be in surplus
  Show Answer
  The correct answer is B .
• Question 1183: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .
• Question 1184: If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as? Options:
  A) the productivity of labour
  B) the law of diminishing marginal utility
  C) the law diminishing returns
  D) the concept of factor intensity
  E) labour intensive production
  Show Answer
  The correct answer is C .
• Question 1185: The term 'Stock of Capital 'means? Options:
  A) amount of money necessary to start a business
  B) total amount receivable by all factors of production
  C) amount of equipment plant and inventory existing at a time
  D) total amount available for economic development
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  The correct answer is C .
• Question 1186: Which of the following is a major determinant of price elasticity of demand? Options:
  A) The price of the commodity
  B) Availability of factors of production
  C) The prices of factors of production
  D) Income of the consumers
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  The correct answer is D .
• Question 1187: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
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  The correct answer is A .
• Question 1188: when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following Options:
  A) a fall in income
  B) a rise in the price of a complement
  C) a fall in the price of substitute
  D) a change in taste against this commodity
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1189: If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is? Options:
  A) normal
  B) elastic
  C) inelastic
  D) abnormal
  Show Answer
  The correct answer is C .
• Question 1190: A deficit budget can be used to? Options:
  A) stimulate recovery from a trade depression
  B) protect the economy from inflation
  C) starve the economic of funds for economic development
  D) provide measures to remedy the balance of payments
  Show Answer
  The correct answer is B .