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 421: When we draw a market demand curve, we? Options:
  A) ignore tastes, incomes and other prices
  B) assumes that tastes, income and prices do not matter
  C) assumes that taste, income and all other prices change in same direction as prices
  D) assume that tastes, incomes and all other prices remain constant
  E) both A and B above
  Show Answer
  The correct answer is D .
• Question 422: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 423: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .
• Question 424: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .
• Question 425: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 426: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 427: Gresham's law in economics shows that Options:
  A) bad money drives good money out of circulation
  B) good money drives bad money out of circulation
  C) gold must be available to maintain the value of paper money
  D) the price level varies directly with the quality of money
  Show Answer
  The correct answer is A .
• Question 428: Which of the following is NOT a determinant of the size economically active population? Options:
  A) Age structure
  B) Occupation of workers
  C) Proportion of men to women
  D) Average length of the working day
  E) Efficiency of the labour force
  Show Answer
  The correct answer is B .
• Question 429:

  A company's expenditure on raw materials is regarded as?

  Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 430: Which of the following can be deduced from the law of variable proportions when total output is rising? Options:
  A) MP is greater than AP
  B) MP is less than AP
  C) MP is equal to AP
  D) MP is equal to zero
  Show Answer
  The correct answer is A .