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 1201: Under normal circumstances the concept of consumers sovereignty implies that Options:
  A) the consumer and not the producer owns the means of production
  B) the producer and not the consumer determines what is to be produced
  C) the consumer and not the producer determines what is to be produced
  D) both the consumer and the producer determines what should be produced
  Show Answer
  The correct answer is B .
• Question 1202:

  In a developing economy, productivity is measured by the____________

  Options:
  A) output - labour ratio
  B) capital - output ratio
  C) output growth rate
  D) Output per capital
  Show Answer
  The correct answer is C .
• Question 1203: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
  Show Answer
  The correct answer is A .
• Question 1204:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 1205: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .
• Question 1206: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 1207: If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is Options:
  A) 66.7
  B) 0.5
  C) 1.5
  D) 2.0
  Show Answer
  The correct answer is D .
• Question 1208: If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand Options:
  A) 0.5
  B) 1.2
  C) 2.5
  D) 4.0
  Show Answer
  The correct answer is A .
• Question 1209: A reduction in the bank rate encourages commercial banks to create money by Options:
  A) Decreasing the interest rate
  B) maintaining the interest rate
  C) Doubling the interest rate
  D) Raising the interest
  Show Answer
  The correct answer is B .
• Question 1210: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .