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 1651: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 1652: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
  Show Answer
  The correct answer is D .
• Question 1653:

  

  From the table above, Calculate the price elasticity of supply

  Options:
  A) 0.50
  B) 0.80
  C) 2.00
  D) 1.25
  Show Answer
  The correct answer is B .
• Question 1654: In economics, production takes place only when Options:
  A) producers sell to retailers
  B) value has been added to a commodity
  C) modern equipment is used
  D) consumption has taken place
  Show Answer
  The correct answer is D .
• Question 1655: When the importation of a commodity is limited to a definite quantity, the trade control means used is known as Options:
  A) exchange control
  B) tax relief
  C) devaluation
  D) quotas
  Show Answer
  The correct answer is D .
• Question 1656:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 1657: Trade takes place because of Options:
  A) marginal utility
  B) inefficiency in production
  C) opportunity cost
  D) comparative advantage
  Show Answer
  The correct answer is D .
• Question 1658:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1659:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1660: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .