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 1311: Which of these would not be included in the fundamental principle of a free enterprise economy Options:
  A) Private ownership of factors of production
  B) The right to organize factor for production purposes
  C) The right to make private profit
  D) Government control of mobility of factor of production
  E) Government effort to encourage competitive capitalism within the law of the country
  Show Answer
  The correct answer is D .
• Question 1312:

  

  What does X represent?

  Options:
  A) recessionary gap
  B) GNP gap
  C) inflationary gap
  D) deflationary gap
  Show Answer
  The correct answer is D .
• Question 1313: If quantity supplied is constant irrespective of price changes, the supply elasticity is Options:
  A) unitary
  B) infinity
  C) fairly elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 1314:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1315:

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 1316: 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 1317:

  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 1318: The following are the objectives of economic planning EXCEPT Options:
  A) achieving balanced growth
  B) diversification of the economy
  C) creation of more employment opportunities
  D) equitable allocation of resources
  E) rapid population growth
  Show Answer
  The correct answer is E .
• Question 1319:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1320:

  

  The curve labelled x is the

  Options:
  A) total revenue curve
  B) total product curve
  C) marginal product curve
  D) marginal revenue curve
  Show Answer
  The correct answer is B .