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 91:

  	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
  Share in total National Output	25%	10%	50%	15%
  Share in total Employment	60%	10%	5%	25%
  Growth rate of Sectoral Output	2%	5%	10%	3%

  From the above, the Growth Rate of Total National Output or GDP is

  Options:
  A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
  B) 20.0%, i.e. (2 + 5 + 10 +3)%
  C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
  D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
  E) not obtainable
  Show Answer
  The correct answer is D .
• Question 92:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 93: Which modal of the factor is inelastic? Options:
  A) Wages
  B) capital
  C) labour
  D) land
  Show Answer
  The correct answer is D .
• Question 94: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 95: Which type of business organization has the attribute effectively combining management with control? Options:
  A) sole proprietorship
  B) Partnership
  C) Limited liability company
  D) Co-operatives
  Show Answer
  The correct answer is A .
• Question 96:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .
• Question 97: Which of the following methods is most likely to lead an economy? Options:
  A) An increase in wages and profits
  B) An increase in consumer demand
  C) A greater fraction of national Product going into investment
  D) A countinuous rise in bank loans
  Show Answer
  The correct answer is C .
• Question 98: A company is said to be highly geared if the? Options:
  A) value of fixed interest loans is high compared with share capital
  B) Value of shared capital is high compared with fixed interest loans
  C) dividend rate is high
  D) interest rate is high
  Show Answer
  The correct answer is A .
• Question 99: The market in which the operators are many and none of them can influence the price is Options:
  A) stock exchange market
  B) imperfect market
  C) perfect foreign market
  D) exchange market
  Show Answer
  The correct answer is C .
• Question 100: If the coefficient of price elasticity of supply is greater than one, the supply is said to be Options:
  A) perfectly elastic
  B) fairly inelastic
  C) infinitely inelastic
  D) fairly elastic
  Show Answer
  The correct answer is D .