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 1591: Rapid economic development in Nigeria is realizable by Options:
  A) continuous dependence on oil
  B) concentrating more on agriculture
  C) developing the tourism industry
  D) diversifying the economy
  Show Answer
  The correct answer is D .
• Question 1592: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
  Show Answer
  The correct answer is B .
• Question 1593: 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 1594:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .
• Question 1595: In Nigeria, government can reduce the cost of accommodation by fixing rent Options:
  A) at the prevailing rate
  B) at the equilibrium price
  C) above the equilibrium price
  D) below the equilibrium price
  Show Answer
  The correct answer is C .
• Question 1596:

  

  From the above, calculate the price elasticity of demand

  Options:
  A) 5.0
  B) 2.0
  C) 1.0
  D) 0.5
  Show Answer
  The correct answer is D .
• Question 1597: An accurate population census is important in other to Options:
  A) produce more food for the growing population
  B) provide employment opportunities for the people
  C) estimate a country's per capita income
  D) fast track industrial development
  Show Answer
  The correct answer is D .
• Question 1598: One of the major factors that brings about changes in supply is Options:
  A) market discrimination
  B) availability of storage facilities
  C) the cost of storage
  D) incentives granted to workers
  Show Answer
  The correct answer is C .
• Question 1599:

  

  The quantity supplied of a commodity increases while

  Options:
  A) production incraases
  B) demand increses
  C) price of the commodity increases
  D) population of the country increases
  E) more commodites are imported
  Show Answer
  The correct answer is C .
• Question 1600:

  Which of the following is not a cause of unemployment_______

  Options:
  A) poor education
  B) lack of skills
  C) good government planning
  D) corruption
  Show Answer
  The correct answer is C .