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 1661: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 1662: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
  Show Answer
  The correct answer is D .
• Question 1663: Development plans fail in Nigeria mainly because of Options:
  A) Corruption and political instability
  B) Over-dependence on foreign aid
  C) High cost of plan implementation
  D) Shortage of personnel
  Show Answer
  The correct answer is A .
• Question 1664: Production in Economics occurs when Options:
  A) a commodity or service is sold
  B) utility is created or added
  C) a commodity is manufactured
  D) raw materials are produced or extracted from mines
  E) all of these
  Show Answer
  The correct answer is E .
• Question 1665: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
  Show Answer
  The correct answer is D .
• Question 1666:

  

  What is the market equilibrium price?

  Options:
  A) 5.00
  B) 8.00
  C) 9.00
  D) 7.00
  E) 6.00
  Show Answer
  The correct answer is E .
• Question 1667: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
  Show Answer
  The correct answer is D .
• Question 1668: In economic life, choice among alternatives depends on the? Options:
  A) income of the decision maker
  B) scarcity of resources
  C) scale of preference of the decision maker
  D) status of the decision maker
  Show Answer
  The correct answer is C .
• Question 1669:

  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 1670: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do? Options:
  A) Check how much he has
  B) Find out which is the cheapest of the items
  C) Draw up a scale of preference
  D) Weigh the opportunity cost of each item against the other
  Show Answer
  The correct answer is C .