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 1351: 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
  Show Answer
  The correct answer is D .
• Question 1352: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is? Options:
  A) static
  B) infinitely elastic
  C) externally determined
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 1353: If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply? Options:
  A) 2.00
  B) 0.50
  C) 1.50
  D) 1.00
  Show Answer
  The correct answer is B .
• Question 1354: The exports-promotion strategy is aimed at producing Options:
  A) consumer goods originally imported
  B) machinery for industries
  C) more goods for exports
  D) more goods domestic consumption
  Show Answer
  The correct answer is C .
• Question 1355: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year Options:
  A) The population increased by 2.25million
  B) There were 2.25 million live births
  C) The government have to make provisions for 2.25 million children
  D) 2.25 million - children were born
  Show Answer
  The correct answer is A .
• Question 1356: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .
• Question 1357: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 1358: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as Options:
  A) tariffs
  B) quotas
  C) exchnge control
  D) devaluation
  E) revaluation
  Show Answer
  The correct answer is B .
• Question 1359: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
  Show Answer
  The correct answer is B .
• Question 1360:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .