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 1881: If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is Options:
  A) elastic
  B) perfectliy inelastic
  C) inelastic
  D) perfect elastic
  Show Answer
  The correct answer is C .
• Question 1882: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .
• Question 1883: The effect of changes in the condition of demand on a demand schedule with the price constant is? Options:
  A) A movement along the demand curve
  B) deflation of the demand curve
  C) hyperbola formation by the demand curve
  D) shift of the demand curve
  Show Answer
  The correct answer is D .
• Question 1884:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 1885: Which of the following statement is TRUE of the effect of changes in demand and supply on price? Options:
  A) A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  B) An increase in demand will lead to a fall in price and quantity bought and sold
  C) A decrease in demand will lead to a rise in price and in the quantity bought and sold
  D) An increase in supply will lead to a fall price and a rise in the quantity bought and sold
  Show Answer
  The correct answer is D .
• Question 1886:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 1887: The oil-producing area in Nigeria are agitating for special compensation owing mainly to Options:
  A) the high level of poverty
  B) the high level of unemployment
  C) constant flooding
  D) environmental pollution
  Show Answer
  The correct answer is D .
• Question 1888: If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct? Options:
  A) An increase in demand for X will increase the supply of Y
  B) An increase in demand for X will shift the supply of Y
  C) An increase in demand for Y will raise the price of X
  D) An increase in demand for X will cause less of Y to be produced
  E) A probable tax on Y will cause more of X to be supplied
  Show Answer
  The correct answer is A .
• Question 1889: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .
• Question 1890: Commercial bank reserves at the Central Bank have the effect of? Options:
  A) controlling credit and money supply
  B) discouraging banking operations
  C) advancing trade prospects
  D) reducing bank frauds
  Show Answer
  The correct answer is A .