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 1391: One factor which influences the slope of a non-linear demand curve for a commodity is the? Options:
  A) price of the commodity
  B) quantity of the commodity demanded
  C) availability of substitutes
  D) available of complements
  Show Answer
  The correct answer is C .
• Question 1392: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 1393: The difference between visible exports and invisible exports of a country, in money terms, is known as the? Options:
  A) Balance of trade
  B) Balance of payments
  C) Terms of trade
  D) Foreign reserves
  E) Special drawing right
  Show Answer
  The correct answer is B .
• Question 1394: A characteristic of the linear production function is that Options:
  A) the percentage change in inputs change exceeds output
  B) output and all inputs change by the same percentage
  C) the percentage change in output is greater than one
  D) the percentage change in output is less than one
  Show Answer
  The correct answer is B .
• Question 1395: The Basic Needs Approach to development is Options:
  A) poverty alleviation
  B) provision of educational infrastructure
  C) provision of health services
  D) improvement in workers income
  Show Answer
  The correct answer is A .
• Question 1396: If the standard deviation of a given data is 8.2, find its variance Options:
  A) 4.1
  B) 67.2
  C) 82.0
  D) 91.8
  Show Answer
  The correct answer is B .
• Question 1397: A major shortcoming of the sole proprietorship form of business is lack of? Options:
  A) working capital
  B) patronage
  C) continuity
  D) market
  Show Answer
  The correct answer is C .
• Question 1398: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .
• Question 1399: Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28 Options:
  A) 10
  B) 38
  C) 35
  D) 22
  Show Answer
  The correct answer is D .
• Question 1400:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .