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 1461: For normal goods the income elasticity of demand is? Options:
  A) positive
  B) negative
  C) zero
  D) infinite
  Show Answer
  The correct answer is A .
• Question 1462:

  

  From the table above, find the values of E and F respectively

  Options:
  A) 27 and 1
  B) 68 and 12
  C) 28 and 5
  D) 12 and 19
  Show Answer
  The correct answer is A .
• Question 1463: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 1464: In the short run, the monopolistic competitors? Options:
  A) always makes profit
  B) always incurs a loss
  C) always breaks -even
  D) may close down
  Show Answer
  The correct answer is A .
• Question 1465: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
  Show Answer
  The correct answer is A .
• Question 1466: If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by Options:
  A) N4.0 milion
  B) N25. 0 milion
  C) N2.5 milion
  D) N15.0 milion
  Show Answer
  The correct answer is B .
• Question 1467: An accurate census figure is an important tool for planners in Options:
  A) providing employment
  B) siting industries
  C) providing social amenities
  D) allocating resources
  Show Answer
  The correct answer is C .
• Question 1468: The cost elasticity of supply is a useful instrument for measuring Options:
  A) profit
  B) productivity
  C) national income
  D) price index
  Show Answer
  The correct answer is B .
• Question 1469: The price index computed between two time periods is given as 128%,This implies that the Options:
  A) disposable income have increased by 28%
  B) living standards have fallen by 128%
  C) living standards have risen by 128%
  D) living standards have fallen by 28%
  Show Answer
  The correct answer is B .
• Question 1470: It is important to measure the National Income of a country because? Options:
  A) it is a major determinant of the standard of living
  B) it reveals hazards of development like pollution and congestion
  C) it reveals the distribution of the citizen's savings in foreign banks
  D) its size determines the extent of political stability
  Show Answer
  The correct answer is A .