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 1341: Goods that are useful, scarce and can command price are called …………. goods. Options:
  A) capital
  B) consumer
  C) economic
  D) free
  E) scarce
  Show Answer
  The correct answer is C .
• Question 1342:

  The establishment of industries in rural areas will help to reduce____________-

  Options:
  A) Urban-Rural migration
  B) Rural-Urban migration
  C) Rural-Rural migration
  D) Urban-Urban migration
  Show Answer
  The correct answer is B .
• Question 1343:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 1344: In the equation MV = PT; V stand for Options:
  A) velocity of circulation of money
  B) velocity of price change
  C) volume of goods produced
  D) volume of money
  E) volume of transaction
  Show Answer
  The correct answer is B .
• Question 1345: The law of comparative advantage states that a country should specialize in the production of a commodity Options:
  A) for which local demand is greatest
  B) in which its oportunity cost is lower than that of the trade partner
  C) for which foreign demand is greatest
  D) for which there is abundant supply of raw materials
  Show Answer
  The correct answer is B .
• Question 1346: 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 1347: The distinguishing characteristic between the money market and the capital market lies in whether the Options:
  A) securities are primary or secondary
  B) debt instruments provided are long-term or short-term
  C) funds mobilized are private or public
  D) securities are in debentures or ordinary shares
  Show Answer
  The correct answer is B .
• Question 1348: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 1349: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 1350: For two substitution goods, the cross elastic of demand is? Options:
  A) greater than one but less than two
  B) zero
  C) negative
  D) positive
  E) infinity
  Show Answer
  The correct answer is D .