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 811: If the demand for one commodity excludes another, it is said to be Options:
  A) complementary demand
  B) competitive demand
  C) composite demand
  D) derived demand
  Show Answer
  The correct answer is B .
• Question 812: If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is Options:
  A) unitary elastic
  B) zero elastic
  C) elastic
  D) inelastic
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  The correct answer is C .
• Question 813: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
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  The correct answer is C .
• Question 814: The trade-off between two commodities along the Production Possibility Curve (PPC) shows Options:
  A) opportunity cost principle
  B) scarcity principle
  C) transferable output
  D) unattainable combination
  E) under utilization of resources
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  The correct answer is D .
• Question 815:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 816:

  In the case of highly or close complementary goods, the indifference curve is_______

  Options:
  A) A straight line
  B) A right-angled
  C) L - shaped
  D) Curvature
  Show Answer
  The correct answer is D .
• Question 817:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 818:

  The sector which contribute highly to the economy is___________

  Options:
  A) Primary sector
  B) Secondary sector
  C) Tertiary sector
  D) Education sector
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  The correct answer is A .
• Question 819: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 820:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .