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 1191: The coefficient of the price elasticity of supplyis always Options:
  A) positive
  B) negative
  C) constant
  D) zero
  Show Answer
  The correct answer is A .
• Question 1192: An equilibrium price? Options:
  A) keeps excess demand within limits
  B) keeps excess supply within limits
  C) generates the greatest possible demand and supply
  D) generates the greatest possible profits
  E) equates the quantity supplied to be equal to the quantity demanded.
  Show Answer
  The correct answer is E .
• Question 1193:

  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 1194:

  The last link in the channel of distribution is____________

  Options:
  A) Producer
  B) Retailer
  C) Consumer
  D) Wholesaler
  Show Answer
  The correct answer is C .
• Question 1195: The labour force of a country can be determined by examining the Options:
  A) age structure of the population
  B) sex distribution of the population
  C) geographical distribution of the population
  D) occupational distribution of the population
  Show Answer
  The correct answer is A .
• Question 1196: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 1197: The hoarding of goods is usually experienced when Options:
  A) supply is greater than demand
  B) the market price above the equilibrium price
  C) demand is greater than supply
  D) excess demand is greater than excess supply
  Show Answer
  The correct answer is C .
• Question 1198: Localization of industries refers to the Options:
  A) spread of firms producing different products
  B) siting of industries near the market
  C) concentration of firms of an industry
  D) siting of firms producing different products
  Show Answer
  The correct answer is C .
• Question 1199: Which of the following combinations is a veritable set of development indicators? Options:
  A) Growth of governemnt expenditure and imports
  B) Growth of population and national income
  C) High fertility, literacy and school enrolment rates
  D) Low infant mortality and high per capital income and literacy rates
  Show Answer
  The correct answer is D .
• Question 1200: In many developing countries, infrastructural problems is acute due to the shortage of? Options:
  A) industries and industrial equipment
  B) savings, investment and consumption
  C) natural resources for development
  D) supporting services that encourage economic activities
  Show Answer
  The correct answer is D .