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 241: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 242: If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is? Options:
  A) normal
  B) elastic
  C) inelastic
  D) abnormal
  Show Answer
  The correct answer is C .
• Question 243: In a closed economy, the marginal propensity to consume is 0.6 and the average propensity to consume 0.8. The value of the multiplier is? Options:
  A) 2.5
  B) 2.6
  C) 2.7
  D) 2.4
  Show Answer
  The correct answer is A .
• Question 244:

  

  In the diagram, (I) refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .
• Question 245: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 246: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .
• Question 247: When the importation of a commodity is limited to a definite quantity, the trade control means used is known as Options:
  A) exchange control
  B) tax relief
  C) devaluation
  D) quotas
  Show Answer
  The correct answer is D .
• Question 248:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
  Show Answer
  The correct answer is C .
• Question 249:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .
• Question 250: Optimum population is the population level at which? Options:
  A) death rate is at a minimum
  B) per capita income is at a maximum
  C) population is at a maximum
  D) death rate is equal to birth rate
  Show Answer
  The correct answer is B .