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 61:

  

  From the graph above, the price elasticity of demand is

  Options:
  A) unitarily elastic
  B) perfectly elastic
  C) perfectly inelastic
  D) fairly inelastic
  Show Answer
  The correct answer is C .
• Question 62: The shape of a production possibility frontier is determined by the? Options:
  A) increasing relative costs
  B) returns to scale
  C) diminishing returns to a fixed factor
  D) increasing returns to a variable factor
  Show Answer
  The correct answer is A .
• Question 63:

  

  From the table above, Calculate the price elasticity of supply

  Options:
  A) 0.50
  B) 0.80
  C) 2.00
  D) 1.25
  Show Answer
  The correct answer is B .
• Question 64: Deficit financing is mostly facilitated by the existence of? Options:
  A) stock exchange market
  B) commercial bank
  C) central bank
  D) capital market
  Show Answer
  The correct answer is C .
• Question 65: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 66:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .
• Question 67:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
  Show Answer
  The correct answer is C .
• Question 68:

  

  The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

  Options:
  A) 2 units of rice
  B) 5 units of beans
  C) 17 units of rice
  D) 20 units of beans
  Show Answer
  The correct answer is A .
• Question 69: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
  Show Answer
  The correct answer is A .
• Question 70:

  Consider the following statements:

    1. Climate and availability of water largely determines the pattern of the population distribution.

    2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

    Which of the statement(s) given above is/are correct

  Options:
  A) Only 1
  B) Only 2
  C) Both 1 and 2
  D) Neither 1 nor 2
  Show Answer
  The correct answer is C .