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 691: If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand Options:
  A) 0.5
  B) 1.2
  C) 2.5
  D) 4.0
  Show Answer
  The correct answer is A .
• Question 692: A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade? Options:
  A) 20%
  B) 71%
  C) 120%
  D) 140%
  Show Answer
  The correct answer is D .
• Question 693: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .
• Question 694: The following are bye-products of crude oil EXCEPT Options:
  A) bitumen
  B) kerosene
  C) paraffin wax
  D) perfume
  E) petrol
  Show Answer
  The correct answer is D .
• Question 695:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 696: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .
• Question 697:

  Crude petroleum is a good example of a

  Options:
  A) lasting asset
  B) wasting asset
  C) synthetic product
  D) costless resources
  Show Answer
  The correct answer is B .
• Question 698:

  Which of the following persons is engaged in "Secondary Production"?

  I - a bricklayer

  II - an automobile assembly-line worker

  III - an accountant

  IV - a cinema projectionist

  Options:
  A) I only
  B) I, II
  C) II, III
  D) I, II, III, IV
  Show Answer
  The correct answer is B .
• Question 699: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 700: A necessary condition for specialization in an economy is the existence of Options:
  A) a regulated market
  B) a competitive market
  C) a medium of exchange
  D) adequate capital
  Show Answer
  The correct answer is D .