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 371:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 372: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 373:

  The release of a liquid petroleum hydrocarbon into the environment is_______

  Options:
  A) Oil glut
  B) Oil spill
  C) Oil shock
  D) Oil wastage
  Show Answer
  The correct answer is B .
• Question 374: The oil-producing area in Nigeria are agitating for special compensation owing mainly to Options:
  A) the high level of poverty
  B) the high level of unemployment
  C) constant flooding
  D) environmental pollution
  Show Answer
  The correct answer is D .
• Question 375: The age distribution of a population is NOT influenced by? Options:
  A) brith rates
  B) death rates
  C) patterns of immigration
  D) patterns of emmigration
  E) school leaving age
  Show Answer
  The correct answer is E .
• Question 376:

  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 377: If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is? Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 378:

  A measure for preventing the external value of the Naira from falling is for the government to

  Options:
  A) increase its spending with foreign reserve
  B) sell its own currency
  C) reduce interest rate
  D) buy its currency with foreign reserve
  Show Answer
  The correct answer is D .
• Question 379: What fundamentally determines how much a consumer spends in a producer's shop? Options:
  A) Individual's propensity to consume
  B) level of his taxation
  C) level of his income
  D) Individual's taste or fashion
  Show Answer
  The correct answer is C .
• Question 380:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .