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 911:

  The coefficient of the price elasticity of supply is always_____________

  Options:
  A) Constant
  B) Zero
  C) Positive
  D) Negative
  Show Answer
  The correct answer is C .
• Question 912:

  

  In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

  Options:
  A) a drop in supply
  B) a rise in supply
  C) a supply- push inflation
  D) a stable supply curve
  E) an increase in quantity supplied
  Show Answer
  The correct answer is B .
• Question 913: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 914: Retailers are greater in numbers than wholesalers because? Options:
  A) retail business may not be registered or incorporated
  B) retail business requires less expertise
  C) retailers deal with final consumers
  D) all retail businesses are large enterprises
  E) all retail businesses are small enterprises
  Show Answer
  The correct answer is B .
• Question 915:

  An example of commodity money is

  Options:
  A) currency note
  B) mobile money
  C) cheques
  D) silver
  Show Answer
  The correct answer is D .
• Question 916: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 917:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 918:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 919: Which of the following causes of inflation is related to demand-pull inflation? Options:
  A) Low productivity on farms and in firms
  B) Poor storage facilities
  C) Poor distribution system
  D) Increase in expenditure on construction
  Show Answer
  The correct answer is A .
• Question 920: If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is? Options:
  A) 25
  B) 80
  C) 100
  D) 125
  Show Answer
  The correct answer is D .