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 201:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 202: The numerical measure of elasticity is Options:
  A) $\frac{\text{\%change in Q}}{\text{\%change in P}}$
  B) $\frac{\text{change in Q}}{\text{change in P}}$
  C) $\frac{\text{\%change in P}}{\text{\%change in Q}}$
  D) $\frac{\text{change in P plus change in Q}}{\text{change in P}}$
  Show Answer
  The correct answer is A .
• Question 203: The main handicap of sole proprietorship is? Options:
  A) limited liability
  B) lack of technical know-how
  C) low profit margin
  D) inadequate capital
  Show Answer
  The correct answer is D .
• Question 204: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 205: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
  Show Answer
  The correct answer is C .
• Question 206:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 207: Which of the following is NOT a determinant of the size economically active population? Options:
  A) Age structure
  B) Occupation of workers
  C) Proportion of men to women
  D) Average length of the working day
  E) Efficiency of the labour force
  Show Answer
  The correct answer is B .
• Question 208: If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is Options:
  A) unitary elastic
  B) zero elastic
  C) elastic
  D) inelastic
  Show Answer
  The correct answer is C .
• Question 209:

  

  The curve labeled III illustrate a system of taxation

  Options:
  A) regressive tax
  B) progressive tax
  C) value added tax
  D) proportional tax
  Show Answer
  The correct answer is A .
• Question 210: A commodity can be sold for two or more different prices if it is? Options:
  A) produced or sold by oligopoly
  B) sold in perfect market
  C) produce or sold by monopsony
  D) produced or sold by monopoly
  E) produced or sold by perfect competition
  Show Answer
  The correct answer is D .