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 1361: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 1362: Which of the following is the major function of the wholesaler? Options:
  A) Bulk breaking
  B) Provision of useful information to th manufacturer on products
  C) Provision of after-sales services to consumers
  D) Provision of warehouse facility
  Show Answer
  The correct answer is A .
• Question 1363:

  The need to construct a scale of preference is necessitated by____________

  Options:
  A) scarcity and the need for choice
  B) The needs to satisfy wants
  C) Non - availability of factors of production
  D) Scarcity of resources
  Show Answer
  The correct answer is A .
• Question 1364:

  Given: Investment = N100 million

  Consumption = N200 m + 0.75Y

  Y = C + I

  Where, Y =Income, C = Consumption and where

  I = Investment

  What is the income level to the nearest million?

  Options:
  A) N100 Million
  B) N300 Million
  C) N1,000 Million
  D) N1,200 Million
  Show Answer
  The correct answer is D .
• Question 1365:

  When elasticity is zero, the demand curve is_____________

  Options:
  A) circular
  B) downward sloping
  C) perfectly inelastic
  D) concave
  Show Answer
  The correct answer is C .
• Question 1366: Which of the following is NOT a contribution of agriculture to industrial development? Options:
  A) provision of food for the industrial sector
  B) Provision of funds for industrial development
  C) Provision of raw materials
  D) Supply of labour to the industrial sector
  E) supply of machinery to the industrial sector
  Show Answer
  The correct answer is E .
• Question 1367:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1368: International trade arise because? Options:
  A) one country has more abundant resource
  B) one country has the technology to produce the commodity whilst the other has not
  C) one country has the maximum comparative advantage or minimum comparative disadvantage in the production
  D) one country has manpower to produce the commodity than the country
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 1369: If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity? Options:
  A) 0.5
  B) 0.8
  C) 1
  D) 1.5
  E) 1.8
  Show Answer
  The correct answer is B .
• Question 1370: The capital market provides business firms with the avenue to Options:
  A) lease capital equipment
  B) obtain long-term funds
  C) obtain short-term funds
  D) purchase capital equipment
  Show Answer
  The correct answer is B .