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 1851: Cross elasticity of demand can be mathematically expressed as the Options:
  A) $\frac{\text{\% change in quantity of commodity X}}{\text{\% change in quantity of commodity Y}}$
  B) $\frac{\text{\% change in quantity demanded}}{\text{\% change in price}}$
  C) $\frac{\text{\% change in quantity demanded of commodity X}}{\text{\% change in price of commodity Y}}$
  D) $\frac{\text{\% change in quantity demanded}}{\text{\% change in income}}$
  Show Answer
  The correct answer is C .
• Question 1852: Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20% Options:
  A) 700.00
  B) 600.00
  C) 500.00
  D) 400.00
  Show Answer
  The correct answer is C .
• Question 1853: Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore? Options:
  A) inconsistent
  B) consistent
  C) transitive
  D) rational
  Show Answer
  The correct answer is A .
• Question 1854: A firm operating at full capacity will have a Options:
  A) perfectly inelastic supply curve
  B) perfectly elastic supply curve
  C) fairly elastic supply curve
  D) fairly inelastic supply curve
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  The correct answer is A .
• Question 1855:

  A tariff is a tax imposed on

  Options:
  A) Consumer goods
  B) Domestic goods
  C) Imported goods
  D) Exported goods
  Show Answer
  The correct answer is C .
• Question 1856: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 1857: Net national income is Options:
  A) Gross national income minus depreciation
  B) gross domestic product plus net income from abroad
  C) nominal national income divided by the price level
  D) gross national income divided by the total population
  E) gross national product plus subsidies minus indirect taxes
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  The correct answer is E .
• Question 1858: The U-shape of the long run average cost curve can be explained by the? Options:
  A) law of increasing returns
  B) law of constant returns
  C) law of diminishing returns
  D) concepts of economies and diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 1859: One of the major uses of national income statistics in Nigeria is to Options:
  A) Equally distribute national income among citizens
  B) Determine the total population
  C) Compare population growth among nations
  D) Estimate per capita income
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  The correct answer is D .
• Question 1860: In Nigeria, the distribution of job opportunities Options:
  A) balanced budgeting
  B) deficit budgeting
  C) surplus budgeting
  D) zero budgeting
  Show Answer
  The correct answer is B .