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 361:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 362:

  Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

  Options:
  A) N20m
  B) N380m
  C) N200m
  D) N180m
  Show Answer
  The correct answer is B .
• Question 363: Stocking small quantities of a variety of goods is a function of the? Options:
  A) manufacturer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is C .
• Question 364: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 365: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 366:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 367: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 368: The theory of comparative cost advantage is associated with Options:
  A) Adam Smith
  B) Reverend Thomas Malthus
  C) Professor trum fisher
  D) David Ricardo
  Show Answer
  The correct answer is D .
• Question 369: One of the factors that determine the supply of agricultural produce in Nigeria is Options:
  A) Price of substitutes
  B) Technological development
  C) Consumers choice
  D) Consumers income
  Show Answer
  The correct answer is D .
• Question 370:

  What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

  Options:
  A) Availability of labour in the area
  B) Availability of power
  C) Nearness of raw material
  D) Access to transport facilities
  Show Answer
  The correct answer is C .