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 491: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 492: Economic is often described as a science because? Options:
  A) laboratory experiments are performed
  B) it makes use of controlled experiments
  C) it uses scientific methods to explain observed phenomena and predict future events
  D) it makes use of field work
  Show Answer
  The correct answer is C .
• Question 493: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
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  The correct answer is C .
• Question 494: The most important limitation on the partner as a form of business enterprise is the? Options:
  A) implication for partners'liability
  B) legal limitation placed on the number of partners
  C) difficulties arising from having two co-ordinate heads of a firm
  D) fact that each partner regardless of the capital he contributes, must have the same voting rights
  Show Answer
  The correct answer is B .
• Question 495: Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is? Options:
  A) 0.25
  B) 0.40
  C) 4.00
  D) 25.00
  Show Answer
  The correct answer is D .
• Question 496: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .
• Question 497:

  In a two by two model of international trade, it is assumed that

  Options:
  A) both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
  B) both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
  C) neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
  D) both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
  Show Answer
  The correct answer is B .
• Question 498:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  From the table, it can be deduced that_______

  Options:
  A) Nigeria should produce cocoa and lace
  B) Nigeria can benefit from producing lace only
  C) Austria should produce lace and Nigeria should produce cocoa
  D) Austria should produce cocoa and lace
  Show Answer
  The correct answer is C .
• Question 499:

  

  Commodities I and II are

  Options:
  A) competitive supply
  B) Substitute supply
  C) Joint supply
  D) Derived supply
  Show Answer
  The correct answer is B .
• Question 500: A policy aimed at enhancing globalization of the Nigerian economy is Options:
  A) indigenization
  B) dereglation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .