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 1621: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .
• Question 1622:

  Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.

  Determine the range?

  Options:
  A) 0.25
  B) 10.00
  C) 1.55
  D) 9.95
  Show Answer
  The correct answer is D .
• Question 1623:

  Government uses all of the following ways to redistribute income, except

  Options:
  A) Market intervention
  B) Transfer earnings
  C) Limited liability
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 1624:

  Price per tin	Demand per week	Supply per week
  ₦6	0 tins	45 tins
  ₦5	5 tins	35 tins
  ₦4	10 tins	25 tins
  ₦3	15 tins	15 tins
  ₦2	20 tins	5 tins
  ₦1	25 tins	0 tins

  Market for Garri: At a price of ₦5, the excess supply is`

  Options:
  A) 30 tins per week
  B) 45 tins per week
  C) 15 tins per week
  D) 20 tins per week
  E) indeterminate
  Show Answer
  The correct answer is A .
• Question 1625: which of the following is not true about occupational distribution of the labour force of West Africa? Options:
  A) A large percentage of the labour force is engaged in agriculture
  B) Agriculture is the most important occupation in West Africa
  C) The manufacturing sector employs a large percentage of the population
  D) Agriculture does not constitute an important source of paid employment
  E) The public sector forms an important source of paid employment
  Show Answer
  The correct answer is C .
• Question 1626:

  Price (₦)	Quantity Demanded
  8	10
  6	12

  If we move from 8 to 6, the elasticity of demand is_______

  Options:
  A) -1.25
  B) 0.62
  C) 1.25
  D) 1
  Show Answer
  The correct answer is C .
• Question 1627: The regulatory authority of the capital market in Nigeria is the Options:
  A) Central Bank
  B) Securities and Exchange Commission
  C) Nigerian Deposit Insurance Corporation
  D) Stock Exchange Market
  Show Answer
  The correct answer is B .
• Question 1628: Industries tend to be located closer to market centers than to the sources of major raw materials if the? Options:
  A) products are relatively cheap to transport to market centers
  B) products are relatively more expensive to transport than the major raw materials
  C) raw marterials are bulky
  D) raw marterials can also be imported
  Show Answer
  The correct answer is B .
• Question 1629: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
  Show Answer
  The correct answer is A .
• Question 1630: Given that Y = C + I and C = bY where b = 0.8, what is the multiplier? Options:
  A) 5
  B) 10
  C) 4
  D) 2
  Show Answer
  The correct answer is A .