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 981: If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is? Options:
  A) less than one
  B) equal to one
  C) greater than one
  D) equal to zero
  Show Answer
  The correct answer is C .
• Question 982: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 983:

  

  In the diagram above W₁, W₂, W₃ and W₄ are different wage rates. The minimum wage rate is

  Options:
  A) W₁
  B) W₂
  C) W₃
  D) W₄
  Show Answer
  The correct answer is B .
• Question 984: Public expenditure creates expansionary effects in the economy when it is Options:
  A) in excess of government revenue
  B) channelled into capital products
  C) diverted into imports
  D) financed through part of the year's total collection of taxes
  Show Answer
  The correct answer is B .
• Question 985: The purchasing power of the naira will fall when? Options:
  A) the naira is devalued
  B) government cuts all salaries and wages
  C) there is inflation
  D) the colour of the naira is changed
  E) workers are retrenched
  Show Answer
  The correct answer is C .
• Question 986:

  $\begin{array}{cc}\text{Age group(years)}& \text{Distribution(\%)}\\ \text{Above 60}& 30\\ 15-60& 45\\ 0-14& 25\end{array}$

  The estimated dependency ratio of the population distribution shown here is

  Options:
  A) 11:9
  B) 9:11
  C) 7:3
  D) 3:7
  Show Answer
  The correct answer is A .
• Question 987:

  All of the following describes conditions necessary for existence of a perfect market EXCEPT

  Options:
  A) lack of homogeneity of goods
  B) perfect knowledge
  C) large buyers and sellers
  D) portability of goods
  Show Answer
  The correct answer is A .
• Question 988: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 989: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 990: A major impediment to the development of agriculture in Nigeria is Options:
  A) land use system
  B) inadequate supply of farm inputs
  C) low income of farmers
  D) limited research on seedlings
  Show Answer
  The correct answer is B .