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 1241: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
  Show Answer
  The correct answer is C .
• Question 1242: One of the major factors militating against industrialization in Nigeria is the? Options:
  A) inadequacy of infrastructural facilities
  B) absence of government participation
  C) frequent breakdown of equipment
  D) failure to get foreign partners and supporters
  Show Answer
  The correct answer is A .
• Question 1243: The cross-elasticity of demand between complementary goods is? Options:
  A) unitary
  B) positive
  C) zero
  D) negative
  Show Answer
  The correct answer is B .
• Question 1244: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 1245:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 1246: A company's expenditure on raw materials is termed as_______? Options:
  A) Prime cost
  B) Explicit cost
  C) Average cost
  D) Implicit cost
  Show Answer
  The correct answer is B .
• Question 1247: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .
• Question 1248:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1249: When two variables are positively related, the graph of the relationship? Options:
  A) is a downward-sloping curve
  B) has a negative intercept
  C) is a straight line
  D) is an upward-sloping curve
  Show Answer
  The correct answer is D .
• Question 1250: A set of factors that can shift the supply curve are changes in Options:
  A) weather, price and technology
  B) technology, weather and population
  C) technology, price and taste
  D) population, price and taste
  Show Answer
  The correct answer is B .