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 2211: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 2212: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 2213: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 2214:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 2215: An aging population refers to the preponderance of? Options:
  A) middle-aged people in the population
  B) young people in the population
  C) women in the the population
  D) old men in the population
  E) old people in the population
  Show Answer
  The correct answer is E .
• Question 2216: For normal goods the income elasticity of demand is? Options:
  A) positive
  B) negative
  C) zero
  D) infinite
  Show Answer
  The correct answer is A .
• Question 2217: The term of trade often measured by the ratio of the index of export Options:
  A) divided by the index of import prices multiplied by 100
  B) multiplied by the index of import prices
  C) plus the index of import prices multiplied by 100
  D) minus the index of import prices
  Show Answer
  The correct answer is A .
• Question 2218: The demand curve for factors of production Options:
  A) is perfect elastic
  B) slopes upwards
  C) slopes of downwards
  D) is perfectly inelastic
  Show Answer
  The correct answer is C .
• Question 2219: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 2220:

  The fundamental problem of economics is

  Options:
  A) Finding striking determinants between the forces of supply and demand
  B) The scarcity of productive resources relative to society's unlimited wants
  C) The establishment of a political framework to determine the what, how and for whom of production
  D) To establish an equitable distribution of income
  Show Answer
  The correct answer is B .