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 1281: if $\overline{x}$ = 6 and N = 6, determine the value of ∑fx Options:
  A) 36
  B) 12
  C) 1
  D) 72
  Show Answer
  The correct answer is A .
• Question 1282: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 1283: One of the major advantages of public enterprises is that? Options:
  A) they are highly subsidize
  B) they are the largest employers of labour
  C) their operations are highly standardized
  D) they take prompt decisions and actions
  Show Answer
  The correct answer is A .
• Question 1284:

  The lands that belong to the community is referred to as__________

  Options:
  A) sacred land
  B) individual land
  C) communal land
  D) rent land
  Show Answer
  The correct answer is C .
• Question 1285: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .
• Question 1286: The short-run supply curve for medical doctors is more likely to be Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) fairly inelastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 1287: If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is? Options:
  A) 50 oranges
  B) 10 oranges
  C) 5 oranges
  D) 9.80
  Show Answer
  The correct answer is A .
• Question 1288: By subsistence production we mean? Options:
  A) goods and services are produced for consumption only
  B) goods and services are sold to others
  C) raw materials are produced in the country
  D) goods and services are produced for the market
  E) none of these
  Show Answer
  The correct answer is A .
• Question 1289:

  

  If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is

  Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 1290: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
  Show Answer
  The correct answer is D .