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 1321: A market will be at equilibrium when Options:
  A) demand and supply are equal
  B) demand is greater than supply
  C) price is higher
  D) supply is greater than demand
  Show Answer
  The correct answer is A .
• Question 1322: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 1323: If the actual population in a country is less than the optimum population, then? Options:
  A) it is desirable to have a large population
  B) it is necessary to have an improved technology to sustain the population
  C) it is desirable to have a smaller population
  D) the available resources are inadequate to substain the population
  Show Answer
  The correct answer is A .
• Question 1324: Which of the following financial assets consist the lowest rate of interest in Nigeria? Options:
  A) commercial bills
  B) call money
  C) treasury bills
  D) development loan stocks
  E) deposits with the federal savings bank
  Show Answer
  The correct answer is D .
• Question 1325: The numerical measure of elasticity is Options:
  A) $\frac{\text{\%change in Q}}{\text{\%change in P}}$
  B) $\frac{\text{change in Q}}{\text{change in P}}$
  C) $\frac{\text{\%change in P}}{\text{\%change in Q}}$
  D) $\frac{\text{change in P plus change in Q}}{\text{change in P}}$
  Show Answer
  The correct answer is A .
• Question 1326: Derived demand is normally used with reference to Options:
  A) superior goods
  B) inferior goods
  C) the cost of production
  D) the factors of production
  Show Answer
  The correct answer is D .
• Question 1327:

  Cooperative societies are formed mainly to

  Options:
  A) assist producers to maximize their profits
  B) encourage thrift and credit among members
  C) promote and maintain the welfare of members
  D) break the monopolies of private companies
  Show Answer
  The correct answer is C .
• Question 1328: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 1329: The major function of money market is to Options:
  A) provide funds for long-term financing
  B) provide funds short-term financing
  C) stabilize the value of the local currency
  D) stabilize domestic prices
  Show Answer
  The correct answer is B .
• Question 1330: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .