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 511: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 512: The producer in a perfectly competitive market is faced with a demand curve whose elasticity is? Options:
  A) unitary
  B) greater than one
  C) infinite
  D) less than one
  Show Answer
  The correct answer is C .
• Question 513:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 514:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 515:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 516: Fixing the prices of agricultural products can be a problem because of the Options:
  A) activities of marketing boards
  B) size of agricultural exports
  C) instability of government policies
  D) unpredicatable output of farmers
  Show Answer
  The correct answer is D .
• Question 517: Less developed countries obtain foreign exchange reserve mainly from the export of Options:
  A) Manufactured goods
  B) Processed and semi processed commodities
  C) Invisible items
  D) Primary product
  E) All of the above
  Show Answer
  The correct answer is D .
• Question 518:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .
• Question 519: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 520:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .