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 51:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .
• Question 52:

  The full meaning of NAPEP is?

  Options:
  A) National Poverty Eradication Programme
  B) National Agency for Poverty and Education Program
  C) National Air Pollution and Environmental Purification
  D) None of the above
  Show Answer
  The correct answer is A .
• Question 53: A sugar industry is best located near the source of Options:
  A) labour
  B) raw materials
  C) power
  D) capital
  Show Answer
  The correct answer is A .
• Question 54:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 55: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 56:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 57:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 58: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 59: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
  Show Answer
  The correct answer is D .
• Question 60: The market in which the operators are many and none of them can influence the price is Options:
  A) stock exchange market
  B) imperfect market
  C) perfect foreign market
  D) exchange market
  Show Answer
  The correct answer is C .