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 351:

  The type of unemployment found among workers who leave their jobs in search of other jobs is termed

  Options:
  A) seasonal unemployment
  B) structural unemployment
  C) frictional unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 352: What effect would a change in price of a commodity have on its supply? Options:
  A) An increase in supply
  B) No change in supply
  C) A decrease in supply
  D) A change in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 353: One way of correcting the balance of payments problem of a country is to? Options:
  A) introduce import-promotion measures
  B) buy investments abroad
  C) devalue the currency
  D) de-emphasize import-substitution industries
  Show Answer
  The correct answer is B .
• Question 354: Which of the following is NOT illustrated by the production possibility curve Options:
  A) Risk
  B) Scarcity
  C) Opportunity cost
  D) Allocative efficiency
  Show Answer
  The correct answer is A .
• Question 355: A major obstacle to the development of Nigeria economy is Options:
  A) low capital formation
  B) rural-urban migration
  C) over dependence on oil
  D) poor developmental policies
  Show Answer
  The correct answer is D .
• Question 356:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 357:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  What is the ratio of expenditure of health to Agriculture?

  Options:
  A) 2:3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 358:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .
• Question 359:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 360:

  

  From the above, calculate the price elasticity of demand

  Options:
  A) 5.0
  B) 2.0
  C) 1.0
  D) 0.5
  Show Answer
  The correct answer is D .