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: In modern economies, the Malthusian theory of population is ineffective because of Options:
  A) birth control measures
  B) technical progress
  C) government policies
  D) natural disasters
  Show Answer
  The correct answer is B .
• Question 1282: A country that is over-populated will face the problem of Options:
  A) Low birth rate
  B) Low per capita income
  C) High wage rate
  D) Full employment
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  The correct answer is B .
• Question 1283: Which of the following is NOT a feature of economic underdevelopment of a country? Options:
  A) A large number of High income earners relative to the population
  B) High annual income for the few
  C) High incidence of poverty
  D) Low daily calorie intake per person
  E) High infant mortality rate
  Show Answer
  The correct answer is A .
• Question 1284: Net National Product is derived by deducting Options:
  A) net exports from GNP
  B) subsidies from GDP
  C) taxes from GDP
  D) depreciation from GNP
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  The correct answer is D .
• Question 1285: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
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  The correct answer is B .
• Question 1286: If the quantity supplied of acommodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is Options:
  A) 4
  B) 1
  C) 2
  D) 5
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  The correct answer is C .
• Question 1287: The population level that yields the maximum output when combined with available resources is known as Options:
  A) dependent population
  B) maximum population
  C) active population
  D) productive population
  E) optimum population
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  The correct answer is E .
• Question 1288: The combination of two commodities each yielding the same level of satisfaction to the consumer is Options:
  A) consumer surplus
  B) indifference curve
  C) budget constant
  D) goods of necessity
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  The correct answer is B .
• Question 1289: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 1290:

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .