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 2491: 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 2492:

  What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

  Options:
  A) Availability of labour in the area
  B) Availability of power
  C) Nearness of raw material
  D) Access to transport facilities
  Show Answer
  The correct answer is C .
• Question 2493:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2494: If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the? Options:
  A) percentage change in the quantity of X divded by the percentage change in the price of Y
  B) percentage change in the quantity of X divided by change in the price of Y
  C) change in the quantity of X divided by change in the price of Y
  D) percentage change in the quantity of X divided by the price Y
  E) percentage change in the price of X divided by percentage change in the quantity of Y
  Show Answer
  The correct answer is A .
• Question 2495: For an inferior good, a decreased in real income will lead to? Options:
  A) a lower equilibrium price
  B) a change in quantity demanded
  C) an outward shift of the demand curve
  D) an inward shift of the demand curve
  Show Answer
  The correct answer is C .
• Question 2496: In a centrally planned economy, the economic problem of deciding what to produce is dependent on? Options:
  A) average profit
  B) state command
  C) average cost
  D) relative prices
  Show Answer
  The correct answer is C .
• Question 2497: If the standard deviation of a given data is 8.2, find its variance Options:
  A) 4.1
  B) 67.2
  C) 82.0
  D) 91.8
  Show Answer
  The correct answer is B .
• Question 2498: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .
• Question 2499:

  Economics problems arise in all societies because

  Options:
  A) resources are mismanaged by leaders
  B) there is no proper planning
  C) resource are not in adequate supply
  D) the services of economists are not employed
  Show Answer
  The correct answer is C .
• Question 2500: Consumers allocate their resources based on the ______? Options:
  A) Law of diminishing marginal utility
  B) Value in use and value in exchange principle
  C) Law of returns to scale
  D) Diamond and water paradox
  Show Answer
  The correct answer is B .