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: The working population refers to? Options:
  A) a population where the average age is falling
  B) the population within the '0 -14'age bracket
  C) the economically active segment of the population
  D) the dependent population
  Show Answer
  The correct answer is C .
• Question 1242:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 1243:

  Effective demand for a commodity is desire for that commodity backed by_______

  Options:
  A) a wish for the lowest possible price
  B) ability and willingness to pay
  C) cash in one's pocket
  D) a promise to make payment
  Show Answer
  The correct answer is B .
• Question 1244: 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 1245: Which of the following is the cheapest for the government in improving the welfare of its citizens? Options:
  A) Subsidy
  B) Income supplement
  C) Donation to specific projects
  D) Wages increase
  Show Answer
  The correct answer is C .
• Question 1246:

  If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

  Options:
  A) buyer
  B) seller
  C) government
  D) local authority
  Show Answer
  The correct answer is B .
• Question 1247: If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________? Options:
  A) Nigeria produces cocoa more cheaply than Ghana
  B) Nigeria and Ghana produce at the same level
  C) Ghana produces cocoa more than Nigeria
  D) Nigeria produces more cocoa than Ghana
  Show Answer
  The correct answer is D .
• Question 1248: Localization of industry is encouraged because of Options:
  A) Low interest charges on loans
  B) High standard of living
  C) Low foreign exchange rate
  D) Improvements in infrastructure
  Show Answer
  The correct answer is D .
• Question 1249: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 1250: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
  Show Answer
  The correct answer is D .