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 1161: If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the? Options:
  A) percentage change in the quantity of X divded by the percentage change in the price of Y
  B) percentage change in the quantity of X divided by change in the price of Y
  C) change in the quantity of X divided by change in the price of Y
  D) percentage change in the quantity of X divided by the price Y
  E) percentage change in the price of X divided by percentage change in the quantity of Y
  Show Answer
  The correct answer is A .
• Question 1162: The main function of NNPC is to Options:
  A) oversee the development of the oil sector
  B) develop the oil producing area
  C) fix the price of products
  D) ensure regular supply of products
  Show Answer
  The correct answer is A .
• Question 1163: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 1164: Increased output will cause farmers' revenue to decrease when market demand is? Options:
  A) elastic
  B) inelastic
  C) unitary elastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 1165: Which of the following statement does NOT describe a situation of perfect competition.? Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into, and exit out of the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 1166: Which of the following is an indirect tax? Options:
  A) Poll tax
  B) personal income tax
  C) Company tax
  D) excise duties
  Show Answer
  The correct answer is D .
• Question 1167:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 1168: The speculative demand for money is inversely related to the Options:
  A) interest rate
  B) level of income
  C) exchange rate
  D) inflation rate
  Show Answer
  The correct answer is A .
• Question 1169:

  

  From the table above, Calculate the price elasticity of supply

  Options:
  A) 0.50
  B) 0.80
  C) 2.00
  D) 1.25
  Show Answer
  The correct answer is B .
• Question 1170: The group of people engaged in banking or insurance services by occupational distributions are classified as? Options:
  A) primary producers
  B) secondary producers
  C) tertiary producers
  D) technical producers
  Show Answer
  The correct answer is C .