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 1351: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 1352:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 1353:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 1354: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 1355: Changing the structure of a commodity in order to increase its utility is called? Options:
  A) Time utility
  B) form utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is B .
• Question 1356: By balance of visible trade we mean? Options:
  A) import and export of goods
  B) import and export of service
  C) balance of current account in the balance of payment
  D) balance of capital account in the baalance of payment
  E) all of this
  Show Answer
  The correct answer is A .
• Question 1357: The import-substitution strategy of industrialization is to encourage Options:
  A) domestic production
  B) large-scale production
  C) importation
  D) exportation
  Show Answer
  The correct answer is A .
• Question 1358:

  When elasticity is zero, the demand curve is_____________

  Options:
  A) circular
  B) downward sloping
  C) perfectly inelastic
  D) concave
  Show Answer
  The correct answer is C .
• Question 1359: One of the major criticisms of the 1992-1968 National development Plan was that? Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's indepedence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foreign sourced financial resources
  Show Answer
  The correct answer is D .
• Question 1360: Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas? Options:
  A) The deregulation of the banking system
  B) The increase in the number of merchant banks
  C) The community banking scheme
  D) The deregulation of interest rate
  Show Answer
  The correct answer is C .