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 441: The variance of a given set of numbers is defined as the Options:
  A) absolute value of the standard deviation
  B) square of the standard deviation
  C) square root of the standard deviation
  D) square of the mean deviation
  E) square root of the mean deviation
  Show Answer
  The correct answer is B .
• Question 442:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 443: Crude petroleum is a good example of a? Options:
  A) lasting asset
  B) wasting asset
  C) synthetic product
  D) costless resources
  Show Answer
  The correct answer is B .
• Question 444: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 445:

  The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

  Options:
  A) there were 80,000 live births in the country
  B) there were 6,400 live births in the country
  C) there were 8 live births to every 100 women in working-class families
  D) 8 in every 1000 women of 21 - 45 gave birth to a live child
  Show Answer
  The correct answer is A .
• Question 446:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 447:

  

  In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is

  Options:
  A) 13:3
  B) 1:5
  C) 18:4
  D) 5:1
  Show Answer
  The correct answer is D .
• Question 448:

  A rise in the supply of a commodity cause__________

  Options:
  A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
  B) an increase in both equilibrium
  C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
  D) a decrease in both equilibrium
  Show Answer
  The correct answer is C .
• Question 449:

  The demand for a good is price inelastic if

  Options:
  A) The price elasticity is less than one
  B) The price elasticity is one
  C) The price elasticity is negative
  D) The price elasticity is greater than one
  Show Answer
  The correct answer is A .
• Question 450: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .