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 1811: The major determinant of cross elasticity of demand is the Options:
  A) price of the good
  B) degree of necessity of the good
  C) level of income of consumers
  D) closeness of the substitutes
  Show Answer
  The correct answer is D .
• Question 1812: In a public company, enterpreneurial functions are performed by the? Options:
  A) workers
  B) shareholders
  C) general manager
  D) board of directors
  Show Answer
  The correct answer is D .
• Question 1813: The term balance oftrade, can be defined as the? Options:
  A) relation between value of exports and value of imports over a given period of time
  B) balance owed to the rest of the world in payment for imports
  C) price paid for imports in term of exports
  D) relation between payments of all kind made by a country to the rest of the world, over a given period of time
  Show Answer
  The correct answer is A .
• Question 1814: One of the characteristics of monopolistic competition is that Options:
  A) there is mobility of factors of production
  B) no single seller dominates the market
  C) the firms are price-takers
  D) consumers have perfect knowledge of price
  Show Answer
  The correct answer is B .
• Question 1815: The main handicap of sole proprietorship is? Options:
  A) limited liability
  B) lack of technical know-how
  C) low profit margin
  D) inadequate capital
  Show Answer
  The correct answer is D .
• Question 1816:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 1817: Under normal circumstances the concept of consumers sovereignty implies that Options:
  A) the consumer and not the producer owns the means of production
  B) the producer and not the consumer determines what is to be produced
  C) the consumer and not the producer determines what is to be produced
  D) both the consumer and the producer determines what should be produced
  Show Answer
  The correct answer is B .
• Question 1818:

  

  A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

  Options:
  A) P
  B) Q
  C) X
  D) Y
  Show Answer
  The correct answer is C .
• Question 1819: Which of the following is not an asset of a commercial bank? Options:
  A) cash
  B) money at call
  C) treasury bills
  D) reserve funds
  E) loans and over-draft
  Show Answer
  The correct answer is B .
• Question 1820: The National Electric Power Authority (NEPA) is a? Options:
  A) Public limited company
  B) Public liability company
  C) Private authority
  D) Public corporation
  E) Federal government authority
  Show Answer
  The correct answer is D .