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 381:

  

  The diagram illustrates

  Options:
  A) the circular flow of income
  B) gross national product plus depreciation
  C) incomes of the private sector
  D) the profit of business enterprises
  E) the output approach to national income determination
  Show Answer
  The correct answer is A .
• Question 382: If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X Options:
  A) X and Y are complementary commodities
  B) X and Y are substitute goods
  C) X and Y are independent goods
  D) X and Y are jointly supplied
  E) X and Y are inferior commodities
  Show Answer
  The correct answer is A .
• Question 383: A major characteristic of a mixed economy is that Options:
  A) economic decisions are made by both the rich and the poor
  B) both primary and secondary production are undertaken
  C) the federal and the state governments undertaken joint projects
  D) economic activities are undertaken by both the public and private sectors
  Show Answer
  The correct answer is D .
• Question 384: The foreign exchange rate of a country is Options:
  A) the interest rate fixed by the central bank
  B) the price of one national currency in terms of another
  C) the rate at which the central bank issues money
  D) the rate of interest on government bonds
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 385:

  ..................... is the highest body in ECOWAS organogram

  Options:
  A) Authority of Head of State and Government
  B) The Executive Secretariat
  C) The Defense Council
  D) Council of Ministers
  Show Answer
  The correct answer is A .
• Question 386:

  Which one of the following measures the natural growth rate of population?

  Options:
  A) Natural increase - Birth rate + Net migration
  B) Birth rate - Death rate
  C) Birth rate/Death rate
  D) Birth + Net migration = Death
  Show Answer
  The correct answer is B .
• Question 387:

  

  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 .
• Question 388:

  Among all the determinants of economic growth, the most important one is

  Options:
  A) Human capital
  B) Increased GDP
  C) Land and Natural resources
  D) Technologies
  Show Answer
  The correct answer is B .
• Question 389: The effect of the demand for product A caused by a change in the price of a product B is called? Options:
  A) cross-elasticity of demand
  B) elasticity of supply
  C) competitive demand
  D) composite demand
  E) joint demand
  Show Answer
  The correct answer is A .
• Question 390: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
  Show Answer
  The correct answer is A .