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 951:

  The demand for a good is price inelastic if

  Options:
  A) The price elasticity is less than one
  B) The price elasticity is one
  C) The price elasticity is negative
  D) The price elasticity is greater than one
  Show Answer
  The correct answer is A .
• Question 952: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 953: Which of the following type of capital is not rewarded by means of dividends? Options:
  A) Ordinary shares
  B) Preference shares
  C) cummulative shares
  D) participating preference shares
  E) depentures
  Show Answer
  The correct answer is E .
• Question 954: Activities in the oil and gas industry are classified into Options:
  A) oil exploration and distribution
  B) refining and marketing of finished products
  C) upstream and downstream
  D) exploration and drilling
  Show Answer
  The correct answer is C .
• Question 955: Banks aid economic expansion and development by? Options:
  A) being very strict in lending policies
  B) mobilizing savings for investment lending
  C) paying interest on deposit accounts
  D) charging high interest on loans
  Show Answer
  The correct answer is B .
• Question 956: Which of the following is an example of a fixed cost? Options:
  A) Fuel cost
  B) Electricity bill
  C) Rent on building
  D) Transportation cost
  Show Answer
  The correct answer is C .
• Question 957: A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that? Options:
  A) both price and quantity will increased
  B) only price increases
  C) only quantity increases
  D) the price remains constant
  E) the price falls
  Show Answer
  The correct answer is A .
• Question 958:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .
• Question 959: Palm oil industry is located in Bendel State because the State? Options:
  A) imports raw material for palm oil Industry
  B) is a palm tree growing area
  C) soil is unsuitable for other crops
  D) government does engage land for other crops
  E) land is suitable for oil
  Show Answer
  The correct answer is B .
• Question 960:

  The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is

  Options:
  A) Perfectly elastic
  B) Infinitely elastic
  C) Inelastic
  D) Perfectly inelastic
  Show Answer
  The correct answer is D .