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 2511:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 2512:

  A downward sloping demand curve means that

  Options:
  A) total revenue declines as price is lowered
  B) demand falls as output increases
  C) demand falls as output falls
  D) price must be lowered to sell more
  Show Answer
  The correct answer is D .
• Question 2513: The indices used to measure the cost of living is Options:
  A) consumption expenditure
  B) national income
  C) per capital income
  D) price index
  E) savings and investment
  Show Answer
  The correct answer is D .
• Question 2514:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2515:

  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 2516: The major contribution of OPEC to the Nigerian economy is the Options:
  A) provision of social infrastructures
  B) granting of subsidies on petroleum products
  C) stabilization of oil prices
  D) building of refineries
  Show Answer
  The correct answer is C .
• Question 2517: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 2518:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2519: Which of the following is a liability of a commercial bank? Options:
  A) Deposits in bank
  B) loans made by the bank to individuals
  C) loans made by the bank to other banks
  D) Bonds purchased by the bank
  Show Answer
  The correct answer is A .
• Question 2520:

  

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The tax imposed is borne

  Options:
  A) totally by the consumer
  B) totally by the producer
  C) equally by both the consumer and the producer
  D) by the the government
  Show Answer
  The correct answer is A .