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 481:

  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 482: 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 483: A huge national debt is an indication that the gold reserves of a nation has Options:
  A) appreciated
  B) decreased
  C) depreciated
  D) stagnated
  Show Answer
  The correct answer is D .
• Question 484: In market economies, resources are allocated through the? Options:
  A) government authorities
  B) price system
  C) banking system
  D) central planning bureau
  E) revenue allocation formula
  Show Answer
  The correct answer is B .
• Question 485: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
  Show Answer
  The correct answer is D .
• Question 486: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
  Show Answer
  The correct answer is A .
• Question 487:

  The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

  Options:
  A) Principle of economy
  B) Principle of convenience
  C) Principle of simplicity
  D) Principle of certainty
  Show Answer
  The correct answer is D .
• Question 488: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) Long-term financial instruments
  B) Equipment
  C) Cash and near money
  D) Money-market instruments
  Show Answer
  The correct answer is A .
• Question 489: Which of the following is the standard concept for measuring and analyzing population growth? Options:
  A) The rate of natural increase
  B) The net migrate
  C) The rate of population increase
  D) The fertility rate
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 490: If the standard deviation of a set of numbers is 3.6, what is the variance? Options:
  A) 12.49
  B) 12.69
  C) 12.9
  D) 12.96
  E) 12.98
  Show Answer
  The correct answer is D .