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 931:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 932: What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100? Options:
  A) 1.25
  B) 1.45
  C) 0.25
  D) 0.15
  Show Answer
  The correct answer is A .
• Question 933: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 934: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
  Show Answer
  The correct answer is B .
• Question 935: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 936:

  A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

  Options:
  A) $302.00
  B) $52.00
  C) $18.00
  D) $622.00
  Show Answer
  The correct answer is C .
• Question 937: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 938: If inflation is anticipated to continue? Options:
  A) people will lose confidence in goods
  B) lenders will demand higher interest rate
  C) the growth of full employment output will be accelerated
  D) people will want to hold more money
  Show Answer
  The correct answer is B .
• Question 939: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 940:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .