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 2131: Which of the following is a determinant of elasticity of supply? Options:
  A) Consumer’s income
  B) Degree of necessities
  C) Durability of the product
  D) Number of uses of the commodity
  E) Proportion of income spent on the product
  Show Answer
  The correct answer is C .
• Question 2132: The fundamental problem of Economics is? Options:
  A) money
  B) poverty
  C) unemployment
  D) the scarcity of resources relative to wants
  E) inflation
  Show Answer
  The correct answer is D .
• Question 2133: One of the ways of correcting a deficit balance of payments is to Options:
  A) revalue a country's currency
  B) devalue a country's currency
  C) increase imports
  D) reduce exports
  Show Answer
  The correct answer is B .
• Question 2134: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 2135: An advantage of large-scale farming over peasant farming is in the area of Options:
  A) providing research and massive employment of labour
  B) redistributing national income to various regions of the country
  C) encouraging the use of traditional implements
  D) encouraging urban-rural migration
  Show Answer
  The correct answer is A .
• Question 2136: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 2137: If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be Options:
  A) perfectly elastic
  B) inelastic
  C) elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 2138: A country is said to have absolute advantage when she Options:
  A) has a higher opportunity cost in the production of a good
  B) can sell to other countries without buying from them
  C) can produce more of any good with fewer resources
  D) has a lower opportunity cost in the production of good
  Show Answer
  The correct answer is C .
• Question 2139: A situation in which a commodity is sold abroad below its cost of production in the home country is known as? Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 2140: A firm is said to be a public joint-stock company when it Options:
  A) has unlimited liability
  B) is administered by the public
  C) is owned by the government
  D) operates as a public corporation
  E) sells its shares to members of the public
  Show Answer
  The correct answer is E .