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 971:

  If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

  Options:
  A) 0.50
  B) 0.40
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is A .
• Question 972:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 973: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 974: Government budget can be described as the sum of? Options:
  A) Indirect tax, direct tax, and loans expected within a financial year
  B) Planned recurrent expenditure and planned investment expenditure
  C) Planned capital expenditure for a development plan within a plan period
  D) Planned expenditure and expect revenue within a financial year
  E) Planned expenses of all ministries within a financial year
  Show Answer
  The correct answer is D .
• Question 975:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  Options:
  A) 1.5:2
  B) 2:2
  C) 2:1.5
  D) 0.5:1.5
  Show Answer
  The correct answer is A .
• Question 976:

  Most of the National debts is "dead weight" in the sense that is____

  Options:
  A) bound to increase from year to year
  B) accumulated as the result of past capital investment
  C) the responsibility of the treasury
  D) not covered by any real asset
  Show Answer
  The correct answer is D .
• Question 977: Comparative advantage implies that a country will specialize in producing the commodity? Options:
  A) with the highest opprotunity cost
  B) for which output per worker is lower than in other countries
  C) with the lowest opportunity cost
  D) for which output per worker is the same with those of other countries
  Show Answer
  The correct answer is C .
• Question 978:

  If inflation is anticipated, people may

  Options:
  A) save more money
  B) spend more money
  C) give out more loans
  D) spend less money
  Show Answer
  The correct answer is B .
• Question 979: The largest liability appearing in the book of a commercial bank is Options:
  A) cash
  B) deposits
  C) loans and advances
  D) capital and reserves
  E) treasury bills
  Show Answer
  The correct answer is B .
• Question 980: A disadvantage of concentrating industries in an area is that it could? Options:
  A) lead to conclusion among the firms
  B) result in evironmental pollution
  C) bring about diseconomies of scale
  D) increase the cost of production
  Show Answer
  The correct answer is B .