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 2361: If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is Options:
  A) elastic
  B) perfectliy inelastic
  C) inelastic
  D) perfect elastic
  Show Answer
  The correct answer is C .
• Question 2362:

  Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

  A	40%
  B	50%
  C	33%
  D	36%

  Which type of economy exists in these countries?

  Options:
  A) Traditional
  B) Planned
  C) Pure market
  D) Mixed
  Show Answer
  The correct answer is D .
• Question 2363:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 2364: Cost - push inflation occurs when_______ Options:
  A) production cost is high
  B) government embarks on deficits financing
  C) factors decrease
  D) there is too much in circulation
  Show Answer
  The correct answer is A .
• Question 2365: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is? Options:
  A) static
  B) infinitely elastic
  C) externally determined
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 2366: The correct relationship between income (Y), consumption (C) and savings (S) is Options:
  A) C = Y + S
  B) S = Y + C
  C) S = Y + S
  D) Y = C + S
  E) Y = C – S
  Show Answer
  The correct answer is D .
• Question 2367: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
  Show Answer
  The correct answer is C .
• Question 2368:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2369: An important feature of a cartel is that? Options:
  A) members do not reduce price below the cartel price
  B) each member has a fixed output above which it is not expected to produce
  C) a powerful member fixes the price at which others will sell
  D) membes fix the prices for their products
  Show Answer
  The correct answer is B .
• Question 2370:

  

  The diagram above shows the effect of

  Options:
  A) excess demand over supply at q₃
  B) excess supply over demand at q₂
  C) minimum price legislation at P₂
  D) maximum price legislation at P₂
  Show Answer
  The correct answer is A .