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 111:

  

  In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

  Options:
  A) the quantity supplied is infinitely elastic
  B) when price is zero, the quantity supplied infinite
  C) when price is infinite, the quantity supplied zero
  D) the quantity supplied is definite
  Show Answer
  The correct answer is A .
• Question 112: One of the roles of industrialization in economic development of Nigeria is Options:
  A) employment generation
  B) environmental pollution
  C) target of enemy’s attack
  D) unemployment
  E) uneven development
  Show Answer
  The correct answer is A .
• Question 113:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 114:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .
• Question 115: opportunity cost is the Options:
  A) price of scarce goods
  B) resources required for making a commodity
  C) cost of luxury goods
  D) accrual of financial loses by chance
  E) althernative forgone in other to satisfy a want
  Show Answer
  The correct answer is E .
• Question 116: Less developed countries obtain foreign exchange reserve mainly from the export of Options:
  A) Manufactured goods
  B) Processed and semi processed commodities
  C) Invisible items
  D) Primary product
  E) All of the above
  Show Answer
  The correct answer is D .
• Question 117: The excess of aggregate expenditure over full employment level of output is referred to as Options:
  A) GNP gap
  B) deflationary gap
  C) inflation gap
  D) recessionary gap
  Show Answer
  The correct answer is C .
• Question 118: Demand for labour depends on the following factors EXCEPT Options:
  A) number of industries/enterprises
  B) nature of industries/business enterprises
  C) price of labour
  D) demand for labour output and prices
  E) the period of training
  Show Answer
  The correct answer is E .
• Question 119: 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 120:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .