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 1281: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .
• Question 1282:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 1283:

  When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to

  Options:
  A) 11
  B) 12
  C) $\frac{1}{2}$
  D) 2
  Show Answer
  The correct answer is D .
• Question 1284: A firm owned and managed by a family is an example of ______? Options:
  A) joint stock exchange
  B) cooperative society
  C) sole proprietorship
  D) partnership
  Show Answer
  The correct answer is D .
• Question 1285: The middle value of an array figure arranged in descending order is referred to as the Options:
  A) equation
  B) mean
  C) Median
  D) mode
  E) Variance
  Show Answer
  The correct answer is C .
• Question 1286: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 1287: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .
• Question 1288: An advantage of large-scale farming over peasant farming is in the area of Options:
  A) providing research and massive employment of labour
  B) redistributing national income to various regions of the country
  C) encouraging the use of traditional implements
  D) encouraging urban-rural migration
  Show Answer
  The correct answer is A .
• Question 1289:

  A  capital market differs from the money market in that in the former ________?

  Options:
  A) The percentage of interest charged is more
  B) Loan sought is long term
  C) Loan repayment is guaranteed
  D) Loan sought is short-term
  Show Answer
  The correct answer is B .
• Question 1290: Statistical information available in most West African countries suggests that? Options:
  A) the marginal propensity to save is high
  B) the marginal propensity to consume is high
  C) the consumption pattern is negative
  D) there exists perfect correlation between consumption and savings
  Show Answer
  The correct answer is B .