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 1371:

  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 1372: What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100? Options:
  A) 1.25
  B) 1.45
  C) 0.25
  D) 0.15
  Show Answer
  The correct answer is A .
• Question 1373:

  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 1374: The basic principle of cooperative societies is to ________ Options:
  A) maintain the integrity of their members
  B) protect the interest and pursue the welfare of members
  C) ensure better working conditions for members
  D) provide voluntary services to the members
  Show Answer
  The correct answer is B .
• Question 1375: What would encourage the growth of international division of labour? Options:
  A) Improvement in transport system
  B) Instability in international exchange rate
  C) Restrictions on the movement of resources
  D) increase in tariff
  Show Answer
  The correct answer is A .
• Question 1376:

  In economic life, the choice among alternatives depends on the?

  Options:
  A) income of the decision maker
  B) scarcity of resources
  C) the scale of preference of the decision-maker
  D) status of the decison maker
  Show Answer
  The correct answer is C .
• Question 1377: A change in demand for a normal goods implies that, there is a Options:
  A) change in the quantity demanded as price changes
  B) shift in the demand curve
  C) movement along a given demand curve
  D) change in the price elasticity of demand
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  The correct answer is D .
• Question 1378:

  A minimum price legislation is also called

  Options:
  A) price ceiling
  B) price floor
  C) price control
  D) price mechanism
  Show Answer
  The correct answer is B .
• Question 1379: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 1380: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .