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 1461:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 1462: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 1463: Industries contribute to national economic development because they? Options:
  A) utilize local raw materials
  B) employ an increase number of labour
  C) provide recreational facilities
  D) use modern machines which replace human labour
  Show Answer
  The correct answer is A .
• Question 1464: The coefficient of the price elasticity of supplyis always Options:
  A) positive
  B) negative
  C) constant
  D) zero
  Show Answer
  The correct answer is A .
• Question 1465: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 1466: The equilibrium price clears the market; it is the price at which___________ Options:
  A) Everything is sold
  B) Buyers spend all their money
  C) Excess demand is zero
  D) None of the above
  Show Answer
  The correct answer is C .
• Question 1467:

  An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

  Options:
  A) stagflation
  B) inflationary spiral
  C) slump inflation
  D) inflationary gap
  Show Answer
  The correct answer is C .
• Question 1468: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .
• Question 1469:

  The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .
• Question 1470:

  The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

  Options:
  A) division of labour
  B) employment trends
  C) relative costs and benefits
  D) immobility of skilled labour
  Show Answer
  The correct answer is C .