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 591: If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is? Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 592: Unemployment resulting from physical or mental deficiency is known as……………unemployment. Options:
  A) cyclical
  B) disguised
  C) Frictional
  D) residual
  E) Voluntary
  Show Answer
  The correct answer is D .
• Question 593:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 594: For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the? Options:
  A) amount of X it could not produced
  B) amount of Y it produced
  C) total amount of Y it could have produced
  D) extra amount of Y it could have produced
  Show Answer
  The correct answer is C .
• Question 595: A major advantage of industrialization is that it Options:
  A) leads to self-reliance
  B) curbs inflation
  C) leads to growth and development
  D) improves the terms of trade
  Show Answer
  The correct answer is C .
• Question 596: A central argument of cardinal utility is that utility is? Options:
  A) measurable
  B) psychological
  C) ranked
  D) intangible
  Show Answer
  The correct answer is A .
• Question 597: The following is NOT a reason for the existence of small firms Options:
  A) Scale of production is limited by size of the market
  B) Expansion brings diminishing returns
  C) Large firms can carter for wide markets
  D) Small firms can provide personal services
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 598: Bank consolidation policy in Nigeria is a measure to increase Options:
  A) the capital base of banks
  B) employment opportunities in banks
  C) the number of shareholders
  D) the number of branches
  Show Answer
  The correct answer is A .
• Question 599: When compared with a labour-intensive industry, a capital-intensive industry employs more? Options:
  A) workers than capital
  B) workers than machinery
  C) raw materials than capital
  D) machinery than workers
  Show Answer
  The correct answer is D .
• Question 600: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .