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 681: The numerical measure of elasticity is Options:
  A) $\frac{\text{\%change in Q}}{\text{\%change in P}}$
  B) $\frac{\text{change in Q}}{\text{change in P}}$
  C) $\frac{\text{\%change in P}}{\text{\%change in Q}}$
  D) $\frac{\text{change in P plus change in Q}}{\text{change in P}}$
  Show Answer
  The correct answer is A .
• Question 682: 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 683:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 684: One way of solving the problem of double counting is by Options:
  A) Value-added method
  B) Income method
  C) Output method
  D) Expenditure method
  Show Answer
  The correct answer is A .
• Question 685: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
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  The correct answer is A .
• Question 686: The 'terms of trade' means Options:
  A) the trade agreement between two countries
  B) the difference in the volumes of exports of two countries
  C) the value of a unit of export in relation to the value of a unit of import
  D) the production of total value of exports to the value of total trade
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 687: The difference between the Gross Domestic Product and the Gross National Product is? Options:
  A) allowance for total depreciation
  B) total interest payments
  C) total tax and interest payments
  D) net income from aboard
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  The correct answer is D .
• Question 688: The effect of the demand for product A caused by a change in the price of a product B is called? Options:
  A) cross-elasticity of demand
  B) elasticity of supply
  C) competitive demand
  D) composite demand
  E) joint demand
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  The correct answer is A .
• Question 689: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
  Show Answer
  The correct answer is B .
• Question 690: Which of the following is NOT an instrument in the money market? Options:
  A) Treasury bill
  B) Bill of exchange
  C) Stocks and shares
  D) Call money fund
  Show Answer
  The correct answer is C .