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 1801:

  If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

  Options:
  A) Scarce
  B) Normal
  C) Superior.
  D) Inferior
  Show Answer
  The correct answer is D .
• Question 1802:

  The type of unemployment found among workers who leave their jobs in search of other jobs is termed

  Options:
  A) seasonal unemployment
  B) structural unemployment
  C) frictional unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 1803: If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is Options:
  A) 0.80
  B) 1.25
  C) 2.00
  D) 10.00
  Show Answer
  The correct answer is B .
• Question 1804: A disadvantage of the corporate formof business is the? Options:
  A) risk of the owners of loss of personal effects if the business should fail
  B) ability of the corporation to is financial resources
  C) limited life span of the corporation
  D) problems presented by separation ownership from control
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 1805:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 1806:

  Item	Amount (Million Naira)
  Visible exports	55.54
  Visible imports	53.32
  Invisible exports	30.56
  Invisible imports	28.70
  Balance	4.08

  The amount, ₦4.08 million, shown as balance in the table represents

  Options:
  A) terms of payments
  B) balance on current accounts
  C) balance of trade
  D) terms of trade
  Show Answer
  The correct answer is B .
• Question 1807: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
  Show Answer
  The correct answer is D .
• Question 1808: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 1809: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 1810:

  Surplus in balance of payments leads to ________

  Options:
  A) Government budget surplus
  B) Increase in foreign reserves
  C) Decrease in foreign reserves
  D) None of the above
  Show Answer
  The correct answer is B .