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 2351:

  The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is

  Options:
  A) Perfectly elastic
  B) Infinitely elastic
  C) Inelastic
  D) Perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 2352:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .
• Question 2353: Two basic features common to an industry are Options:
  A) production processes and source of capital
  B) source of capital and labour supply
  C) similarity of products and source of raw materials
  D) similarity of products and production processes
  Show Answer
  The correct answer is D .
• Question 2354: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 2355:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the mean?

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 27.2
  Show Answer
  The correct answer is B .
• Question 2356:

  A company's expenditure on raw materials is regarded as?

  Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 2357: A buyer who haggles in the market is applying the principle of Options:
  A) choice
  B) price mechanism
  C) opportunity cost
  D) utilty maximization
  Show Answer
  The correct answer is D .
• Question 2358: If inflation is anticipated to continue? Options:
  A) people will lose confidence in goods
  B) lenders will demand higher interest rate
  C) the growth of full employment output will be accelerated
  D) people will want to hold more money
  Show Answer
  The correct answer is B .
• Question 2359:

  Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  Options:
  A) scarce
  B) unlimited
  C) free
  D) many
  Show Answer
  The correct answer is A .
• Question 2360:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .