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 2571: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 2572: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 2573:

  Use the table below to answer the question below:

  Market Demand Schedule for Commodity X:

  $\begin{array}{cc}\text{ Price N}& \text{Quantity(Million units)}\\ 60& 100\\ 50& 140\\ 40& 220\\ 30& 260\\ 20& 300\\ 10& 340\end{array}$

  If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

  Options:
  A) 0.62
  B) 0.73
  C) 1.00
  D) 1,50
  Show Answer
  The correct answer is B .
• Question 2574:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2575: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
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  The correct answer is D .
• Question 2576:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2577:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2578: The hoarding of goods is usually experienced when Options:
  A) supply is greater than demand
  B) the market price above the equilibrium price
  C) demand is greater than supply
  D) excess demand is greater than excess supply
  Show Answer
  The correct answer is C .
• Question 2579:

  If two commodities are unrelated, a change in the price of one will____________

  Options:
  A) have effect on the quantity demanded of the other
  B) have no effect on the quantity demanded of the other
  C) increase the quantity demanded on the other
  D) decrease the quantity demanded on the other
  Show Answer
  The correct answer is B .
• Question 2580: The regulatory authority of the capital market in Nigeria is the Options:
  A) Central Bank
  B) Securities and Exchange Commission
  C) Nigerian Deposit Insurance Corporation
  D) Stock Exchange Market
  Show Answer
  The correct answer is B .