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 1071: The income elasticity of demand of normal goods is Options:
  A) negative
  B) positive
  C) zero
  D) fixed
  Show Answer
  The correct answer is B .
• Question 1072: Which of the following sets fully represents factors of production? Options:
  A) Sunlight, machinery, man , land,
  B) Land, labour, capital, enterprise, technology
  C) Capital, technology, idaes, markets, land
  D) Land, water, weather
  E) Money, market , middlemen
  Show Answer
  The correct answer is B .
• Question 1073: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
  Show Answer
  The correct answer is A .
• Question 1074:

  The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

  Options:
  A) total utility must fall
  B) marginal utility must fall
  C) marginal utility may rise
  D) marginal utility may fall even though his total utility may be rising
  Show Answer
  The correct answer is B .
• Question 1075: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 1076: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 1077:

  In the long run, all production factors are____________

  Options:
  A) variable
  B) fixed
  C) semi-variable
  D) semi-fixed
  Show Answer
  The correct answer is A .
• Question 1078:

  The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .
• Question 1079:

  Which of the following persons is engaged in "Secondary Production"?

  I - a bricklayer

  II - an automobile assembly-line worker

  III - an accountant

  IV - a cinema projectionist

  Options:
  A) I only
  B) I, II
  C) II, III
  D) I, II, III, IV
  Show Answer
  The correct answer is B .
• Question 1080:

  If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

  Options:
  A) Zero
  B) 10
  C) 2
  D) 1
  Show Answer
  The correct answer is C .