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 2311: A deliberate government policy to exclude foreign participation in certain economic activity is known as Options:
  A) commercialization
  B) indigenization
  C) liberalization
  D) localization
  E) privatization
  Show Answer
  The correct answer is B .
• Question 2312: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 2313:

  Use the table below to answer the question below:

  Market Demand Schedule for Commodity X:

  $\begin{array}{cc}\text{ Price N}& \text{Quantity(Million units)}\\ 60& 100\\ 50& 140\\ 40& 220\\ 30& 260\\ 20& 300\\ 10& 340\end{array}$

  If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

  Options:
  A) 0.62
  B) 0.73
  C) 1.00
  D) 1,50
  Show Answer
  The correct answer is B .
• Question 2314:

  An industry is

  Options:
  A) A group of firms producing differentiated products
  B) A group of firms producing distinct commodities
  C) A group of firms producing related goods
  D) A group of firms producing unrelated goods
  Show Answer
  The correct answer is C .
• Question 2315: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 2316:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2317: The per capita income is calculated as Options:
  A) GNP- working age population
  B) GNP- real national income
  C) GNP- total capital expenditure
  D) GNP- dependency ratio
  E) GNP- population
  Show Answer
  The correct answer is E .
• Question 2318:

  The type of business finances that entitles the holder to a fixed rate of dividend is?

  Options:
  A) preference stock
  B) common stock
  C) debentures
  D) bank loan
  Show Answer
  The correct answer is C .
• Question 2319: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 2320: Under perfect competition, the short-run supply curve of a firm is determined by its Options:
  A) total cost curve
  B) marginal cost curve
  C) average fixed cost curve
  D) average cost curve
  Show Answer
  The correct answer is B .