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: Cross elasticity of demand can be mathematically expressed as the Options:
  A) $\frac{\text{\% change in quantity of commodity X}}{\text{\% change in quantity of commodity Y}}$
  B) $\frac{\text{\% change in quantity demanded}}{\text{\% change in price}}$
  C) $\frac{\text{\% change in quantity demanded of commodity X}}{\text{\% change in price of commodity Y}}$
  D) $\frac{\text{\% change in quantity demanded}}{\text{\% change in income}}$
  Show Answer
  The correct answer is C .
• Question 512: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
  Show Answer
  The correct answer is A .
• Question 513: The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is Options:
  A) motive
  B) aim
  C) determination
  D) self discipline
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 514: 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 515:

  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 .
• Question 516:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 517:

  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 .
• Question 518: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 519: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 520: Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are Options:
  A) partnerships and limited liability companies
  B) partnerships and sole proprietorships
  C) cooperatives and sole proprietorship
  D) corporation and sole proprietorship
  Show Answer
  The correct answer is B .