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 211: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 212: What does the accelerator principles state? Options:
  A) Consumption is a function of the rate of change of income
  B) income is a function of the rate of change of investment
  C) Investment is a function of the rate of change of income
  D) Investment is a function of the rate of interest
  Show Answer
  The correct answer is C .
• Question 213:

  One of the major forms of migration that tends to create problem in all developing countries is that of___________

  Options:
  A) Rural-urban migration
  B) Rural-rural migration
  C) Urban-rural migration
  D) Seasonal migration
  Show Answer
  The correct answer is A .
• Question 214: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 215: When a union is composed of workers with the same skill,it is termed Options:
  A) a technical union
  B) a craft union
  C) an industrial union
  D) a workers' union
  Show Answer
  The correct answer is B .
• Question 216: In a free market economy, the price system allocates resources? Options:
  A) under government's directives
  B) to ensure general welfare
  C) to their best alternatives
  D) to reduce poverty
  Show Answer
  The correct answer is C .
• Question 217: A market where there are many differentiated products is called? Options:
  A) monopoly
  B) perfect competition
  C) monopolistic competition
  D) oligopoly
  Show Answer
  The correct answer is C .
• Question 218:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .
• Question 219: The difference between personal income and personal disposal income is? Options:
  A) personal income tax
  B) investment income
  C) personal savings
  D) consumption expenditure
  Show Answer
  The correct answer is A .
• Question 220: Which of the following is not an indirect tax? Options:
  A) excise duty
  B) company tax
  C) import duty
  D) export duty
  E) sales tax
  Show Answer
  The correct answer is B .