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 2701:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 2702: If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to? Options:
  A) 1.25
  B) 0.80
  C) 0.50
  D) 0.40
  Show Answer
  The correct answer is A .
• Question 2703: Indicate which of the following are invisible trade items in a country’s balance of payments? Options:
  A) oil exports and imports
  B) Gold and foreign reserves
  C) foreign investment
  D) Dividends and profit
  E) Expenditure on the shipping and tourism
  Show Answer
  The correct answer is E .
• Question 2704:

  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 2705: When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as Options:
  A) demand curve
  B) indifference curve
  C) opportunity curve
  D) utility curve
  E) supply curve
  Show Answer
  The correct answer is B .
• Question 2706:

  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 2707: Rapid economic development in Nigeria is realizable by Options:
  A) continuous dependence on oil
  B) concentrating more on agriculture
  C) developing the tourism industry
  D) diversifying the economy
  Show Answer
  The correct answer is D .
• Question 2708: An important function of the World Bank is to Options:
  A) provide short-run loans to members
  B) encourage trade between members
  C) promote capital-intensive production
  D) provide long-time loans to members
  Show Answer
  The correct answer is D .
• Question 2709:

  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 2710: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .