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 291: The price elasticity of supply of perishable goods is_________? Options:
  A) Elastic
  B) Unitary
  C) Inelastic
  D) Zero
  Show Answer
  The correct answer is D .
• Question 292: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 293:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 294: A discount house is a market where Options:
  A) various bills are exchanged
  B) short-term and medium-term loans are obtained
  C) shares are bought and sold
  D) short-term loans are obtained
  Show Answer
  The correct answer is A .
• Question 295: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
  Show Answer
  The correct answer is B .
• Question 296: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
  Show Answer
  The correct answer is D .
• Question 297: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 298: An increase in demand without a corresponding change in supply will lead to Options:
  A) a decrease in equilirium price and increase in equilibrium quantity
  B) an increase in equilibrium price and quantity
  C) a decrease in equilibrium price and quantity
  D) an increase in equilibrium price and a decrease in equilibrium quantity
  Show Answer
  The correct answer is B .
• Question 299: If the marginal utility of good X exceeds that of good Y, this implies that Options:
  A) a rational consumer will buy less of X
  B) consuming more of X will increase total utility
  C) Y is an inferior good
  D) X will be cheaper than Y
  Show Answer
  The correct answer is B .
• Question 300:

  

  The percentage contribution of the transport sector is:

  Options:
  A) 600.0
  B) 166.7
  C) 60.0
  D) 16.7
  Show Answer
  The correct answer is D .