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 1661:

  If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

  Options:
  A) scale of preference
  B) opportunity cost
  C) complementary demand
  D) double coincidence of wants
  Show Answer
  The correct answer is D .
• Question 1662: Minimum price control is aimed at Options:
  A) increasing the size of the market
  B) minimizing the profit level
  C) punishing the consumers
  D) protecting the consumer
  E) reducing the size of the market
  Show Answer
  The correct answer is B .
• Question 1663: The term of trade can be expressed as Options:
  A) (Price index of export ÷ Price index of export)× 100
  B) (price index of import ÷ price index of export) × 100
  C) (Price index of export ÷ Price index of import)× 100
  D) (Price index of export ÷ Price index of import)× 100
  Show Answer
  The correct answer is C .
• Question 1664:

  

  What is the market equilibrium price?

  Options:
  A) 5.00
  B) 8.00
  C) 9.00
  D) 7.00
  E) 6.00
  Show Answer
  The correct answer is E .
• Question 1665: If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is? Options:
  A) normal
  B) elastic
  C) inelastic
  D) abnormal
  Show Answer
  The correct answer is C .
• Question 1666:

  

  What type of price elasticity of demand is the diagram above representing?

  Options:
  A) perfectly inelastic demand
  B) perfectly elastic demand
  C) fairly elastic demand
  D) composite demand
  Show Answer
  The correct answer is A .
• Question 1667: One of the fundamental economic problem of every society is Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1668: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 1669: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 1670: Through membership of the Economic Community of West African States (ECOWAS) countries have achieved Options:
  A) a large market for their products
  B) emancipation of Africa
  C) full employment of resources
  D) higher transportation cost of goods within the region
  E) military superiority over other African countries
  Show Answer
  The correct answer is A .