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 2691:

  The basic and essential economic problems in a community are related to choice and________

  Options:
  A) Freedom
  B) Scarcity
  C) Social class
  D) Politics
  Show Answer
  The correct answer is B .
• Question 2692:

  A demand which is positively related to price is true of

  Options:
  A) normal goods
  B) giffen goods
  C) ostentatious goods
  D) capital goods
  Show Answer
  The correct answer is B .
• Question 2693: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 2694: The Malthusian theory was concerned about the relationship between Options:
  A) population growth rates of the rich and the poor nations
  B) population density and national income
  C) population growth rate and natural resources
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 2695:

  

  The graph above represents

  Options:
  A) a decrease in quantity supplied
  B) an increase in supply
  C) a decrease in supply
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 2696: When elasticity is zero, the demand curve is Options:
  A) Perfectly elastic
  B) Perfectly inelastic
  C) Concave
  D) Downward slopping
  E) Circular
  Show Answer
  The correct answer is B .
• Question 2697: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 2698: One problem in the marketing of agricultural products in Nigeria is? Options:
  A) the seasonal nature of the commodities
  B) high price of the commodities
  C) the changing tastes of consumers
  D) inadequate storage facilities
  Show Answer
  The correct answer is D .
• Question 2699: A fall in the marginal propensity to save will lead to? Options:
  A) a decrease in national income
  B) an increase in national income
  C) no change in national income
  D) an increase in disposable income
  Show Answer
  The correct answer is A .
• Question 2700:

  

  Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

  Options:
  A) D_o and S_o; D_o and S₂
  B) D₁ and S₂; D₂ and S_o
  C) D₂ and S₁; D₂ and S₂
  D) D₂ and S_o; D_o and S₂
  Show Answer
  The correct answer is C .