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 1531: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 1532: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 1533:

  ECOWAS was formed for the purpose of________

  Options:
  A) promoting co-operation and integration
  B) to facilitate the expansion of international trade
  C) to provide insurance
  D) to insure new investment
  Show Answer
  The correct answer is A .
• Question 1534:

  Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

  A	40%
  B	50%
  C	33%
  D	36%

  Which type of economy exists in these countries?

  Options:
  A) Traditional
  B) Planned
  C) Pure market
  D) Mixed
  Show Answer
  The correct answer is D .
• Question 1535: A major objective of the Federal Government's initiative on cassava production in Nigeria is to Options:
  A) diversify the export base of the economy
  B) ensure the availability of cassava
  C) make cassava a staple food in the country
  D) provide raw materials for industries
  Show Answer
  The correct answer is A .
• Question 1536:

  A good is said to be inferior if its demand

  Options:
  A) rises as its price rises
  B) falls as its price rises
  C) rises as its price falls
  D) is perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 1537: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .
• Question 1538: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .
• Question 1539: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 1540: Mono production economies are those that? Options:
  A) have a rich cultural heritage
  B) produces only raw materials
  C) live from the export of their raw product
  D) produce one main commodities
  E) specialized in agricultral industries
  Show Answer
  The correct answer is D .