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 1341:

  From the table, how many people scored above 6?

  Options:
  A) 25
  B) 24
  C) 5
  D) 30
  Show Answer
  The correct answer is B .
• Question 1342: According to the income approach to national income measurement, the national income of a country is equal to? Options:
  A) the value of all output produced in the country over the relevant period of time at market prices
  B) the value of output at factors cost
  C) the value added to production
  D) C +I + G
  Show Answer
  The correct answer is D .
• Question 1343:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 1344: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .
• Question 1345: When the federal government guarantees a loan for a state government, such a loan constitutes Options:
  A) a public debt
  B) a transferred debt
  C) a private debt
  D) an inter-governmental debt
  Show Answer
  The correct answer is A .
• Question 1346: Economically, underdeveloped countries are characterized by? Options:
  A) high rate of population growth and low rate of economic growth
  B) high rate of economic growth and low rate of population growth
  C) high rate of population growth aand high rate of economic growth
  D) low rate of population growth and low rate of economic growth
  Show Answer
  The correct answer is A .
• Question 1347:

  The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is

  Options:
  A) Perfectly elastic
  B) Infinitely elastic
  C) Inelastic
  D) Perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 1348: Completely competitive market exist when each member is a — Options:
  A) price maker
  B) price taker
  C) price seeker
  D) a and b
  Show Answer
  The correct answer is B .
• Question 1349: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
  Show Answer
  The correct answer is A .
• Question 1350: Which of the following source of income is spectacular only to Government ? Options:
  A) Payment from business transfer
  B) Bonuses
  C) Tax
  D) Wages
  Show Answer
  The correct answer is C .