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 721:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 722:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 723:

  The basic economic problems of society include___________

  Options:
  A) scarcity, for whom to produce and where
  B) what to produce, how and for whom
  C) how to produce and sell
  D) scarcity, when to produce and how
  Show Answer
  The correct answer is B .
• Question 724:

  If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

  Options:
  A) 0.50
  B) 0.65
  C) 2.00
  D) 2.50
  Show Answer
  The correct answer is C .
• Question 725: If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to? Options:
  A) the size of population
  B) technical progress
  C) the environment
  D) the amount of natural resources
  Show Answer
  The correct answer is B .
• Question 726:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 727: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 728: In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The Options:
  A) individual's money income
  B) price of subtitutes
  C) price of complementary goods
  D) price of the commodity under consideration
  Show Answer
  The correct answer is C .
• Question 729: The major determinant of the total volume of output in an economy is the Options:
  A) level of total expenditure
  B) composition of consumer spending
  C) number of farmers
  D) size of the labour force
  Show Answer
  The correct answer is A .
• Question 730: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
  Show Answer
  The correct answer is D .