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 1691: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 1692: In the long run a firm will leave an industry if price? Options:
  A) does not cover at at least Average Total Cost
  B) is not equal to Marginal Cost
  C) is higher than Average Varriable Cost
  D) is not at least equal to the minimum of Marginal Cost curve
  Show Answer
  The correct answer is B .
• Question 1693:

  If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?

  Options:
  A) 1.14
  B) 7.1
  C) 14.1
  D) 1.7
  Show Answer
  The correct answer is A .
• Question 1694:

  	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
  Share in total National Output	25%	10%	50%	15%
  Share in total Employment	60%	10%	5%	25%
  Growth rate of Sectoral Output	2%	5%	10%	3%

  From the above, the Growth Rate of Total National Output or GDP is

  Options:
  A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
  B) 20.0%, i.e. (2 + 5 + 10 +3)%
  C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
  D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
  E) not obtainable
  Show Answer
  The correct answer is D .
• Question 1695:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 1696:

  In a perfect competition, the market price is determined by_______

  Options:
  A) the government
  B) the producer
  C) the consumer
  D) the market supply and demand junctions
  Show Answer
  The correct answer is D .
• Question 1697: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1698: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
  Show Answer
  The correct answer is E .
• Question 1699: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 1700: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .