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 471: If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in Options:
  A) consumers' income
  B) demand
  C) consumers' tastes
  D) quantity damanded
  Show Answer
  The correct answer is D .
• Question 472: The National Electric Power Authority (NEPA) is a? Options:
  A) Public limited company
  B) Public liability company
  C) Private authority
  D) Public corporation
  E) Federal government authority
  Show Answer
  The correct answer is D .
• Question 473: Which of the following is likely to be inflationary? Options:
  A) Tax increase
  B) increase in unemployment
  C) Budget surplus
  D) Wages increase
  Show Answer
  The correct answer is D .
• Question 474: The central bank controls the activities of other banks by all but one of the following Options:
  A) The use of bank rate
  B) The purchase or sale of government bonds on the open market
  C) special deposite
  D) the use of directives
  E) taxation
  Show Answer
  The correct answer is E .
• Question 475: An example of a regressive tax is? Options:
  A) the personal income tax
  B) the graduated corporation income tax
  C) a general sales tax
  D) the inheritance tax
  E) the excise tax
  Show Answer
  The correct answer is C .
• Question 476: Which of the following is a major determinant of price elasticity of demand? Options:
  A) The price of the commodity
  B) Availability of factors of production
  C) The prices of factors of production
  D) Income of the consumers
  Show Answer
  The correct answer is D .
• Question 477:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 478: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 479: The function of moneyas a standard of deferred payments Options:
  A) Make possible for an individual to build up store of many things for future use
  B) Makes it possible for payment to be postponed from the present to a future date
  C) Facilitate the exchange of goods
  D) Makes easy calculations possible
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 480: If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________? Options:
  A) Nigeria produces cocoa more cheaply than Ghana
  B) Nigeria and Ghana produce at the same level
  C) Ghana produces cocoa more than Nigeria
  D) Nigeria produces more cocoa than Ghana
  Show Answer
  The correct answer is D .