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 1701: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 1702: An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry. Options:
  A) construction
  B) conversion
  C) manufacturing
  D) mining
  E) processing
  Show Answer
  The correct answer is C .
• Question 1703: A country embarks on deficit financing in order to Options:
  A) increase revenue
  B) reduce aggregate demand
  C) curb inflation
  D) stimulate investment
  Show Answer
  The correct answer is C .
• Question 1704: The equilibrium market price is determined at a point where? Options:
  A) consumers can buy all they desire
  B) sellers can dispose of all their wares
  C) the price is moderate
  D) quantity consumers desires equal quantity sellers offer
  E) sellers and buyers are not quarrelling
  Show Answer
  The correct answer is D .
• Question 1705: The difference between the Gross Domestic Product and the Gross National Product is? Options:
  A) allowance for total depreciation
  B) total interest payments
  C) total tax and interest payments
  D) net income from aboard
  Show Answer
  The correct answer is D .
• Question 1706:

  

  The movement of curve I to ll suggests

  Options:
  A) an improvement in capital goods technology but not in consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is A .
• Question 1707: When the total product starts falling, then the marginal product is Options:
  A) constant
  B) increasing
  C) maximum
  D) negative
  E) zero
  Show Answer
  The correct answer is D .
• Question 1708:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 1709: One of the economic problems of Nigeria today arises from? Options:
  A) the over utilization of human and natural resources
  B) unavailability of mineral resources
  C) inadequate manpower resources
  D) the under-utilization of human and natural resources
  Show Answer
  The correct answer is D .
• Question 1710: Points outside the production possibility curves shows Options:
  A) unequal allocation of resources among factors
  B) capital production level
  C) under utilization of resources
  D) unattainable production level
  E) effective consummation of resources
  Show Answer
  The correct answer is D .