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 2731: Which of these factors causes a change in the quantity demanded of a commodity? Options:
  A) Income
  B) Population
  C) Price of other commodities
  D) Price of the commodity concerned
  E) Taste and fashion
  Show Answer
  The correct answer is D .
• Question 2732:

  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 2733: The concept of marginal utility indicates the relationship between utility and _________? Options:
  A) Price
  B) Satisfaction
  C) Cost
  D) Revenue
  Show Answer
  The correct answer is B .
• Question 2734: What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100? Options:
  A) 1.25
  B) 1.45
  C) 0.25
  D) 0.15
  Show Answer
  The correct answer is A .
• Question 2735: In a given set of data, if the variance is 25, what is the standard deviation? Options:
  A) 45
  B) 5
  C) 55
  D) 10
  E) 12
  Show Answer
  The correct answer is B .
• Question 2736: Stock and shares as well as bonds are examples of instruments used in the? Options:
  A) commodity markets
  B) money markets
  C) capital markets
  D) security markets
  Show Answer
  The correct answer is D .
• Question 2737: All the following are types of specialization except Options:
  A) Manager Specialization
  B) Product specialization
  C) Specialization by sex
  D) Geographical specialization
  Show Answer
  The correct answer is A .
• Question 2738:

  Which of the following is an invisible item?

  Options:
  A) Petroleum services
  B) Processed rice
  C) Processed milk
  D) Banking services
  Show Answer
  The correct answer is D .
• Question 2739: Which is of the following is NOT among the financial institutions in Nigeria? Options:
  A) Federal Mortgage Bank
  B) Microfinance Banks
  C) Insurance Banks
  D) Federal Ministry of Finance
  Show Answer
  The correct answer is D .
• Question 2740: When compared with a labour-intensive industry, a capital-intensive industry employs more? Options:
  A) workers than capital
  B) workers than machinery
  C) raw materials than capital
  D) machinery than workers
  Show Answer
  The correct answer is D .