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: Price elasticity of supply is a ratio of the change in Options:
  A) original quantity to a change in new quantity
  B) quantity supplied to the change in price
  C) price to the change in quantity supplied
  D) quantity supplied to the change in demand
  Show Answer
  The correct answer is B .
• Question 1282:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1283: The survival of a partnership depends on Options:
  A) the managerial ability of the partners
  B) access to finance
  C) the goodwill of the partners
  D) political stability
  Show Answer
  The correct answer is A .
• Question 1284: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .
• Question 1285: The problem of planning in Nigeria is mainly in the Options:
  A) implementation of the plans
  B) appraisal of the plans
  C) allocation of scarce resources
  D) articulation of the plans
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  The correct answer is A .
• Question 1286:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1287: The production within the domestic territory of a country is called the Options:
  A) net national product
  B) gross domestic product
  C) net income
  D) disposable income
  E) gross national product
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  The correct answer is B .
• Question 1288: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he Options:
  A) stops consuming more of the commodity
  B) reduces the quantity consumed
  C) increases the quantity consumed
  D) consumes more of another commodity
  Show Answer
  The correct answer is C .
• Question 1289: A large standard deviation is an indication of Options:
  A) the size of the sample
  B) a wide spread around the mean
  C) a wide difference between the mean and the mode
  D) the difference between the highest and the lowest values
  Show Answer
  The correct answer is B .
• Question 1290:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .