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 191:

  The demand curve facing the monopolist in the foreign market is__________

  Options:
  A) Elastic
  B) Inelastic
  C) Perfectly elastic
  D) Unitary
  Show Answer
  The correct answer is C .
• Question 192: If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to Options:
  A) technical progress
  B) size of the population
  C) amount of natural resources
  D) the environment
  E) the quality of human resources
  Show Answer
  The correct answer is C .
• Question 193:

  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 194:

  Economics is often described as a social science because?

  Options:
  A) laboratory experiments are performed
  B) It makes use of controlled experiments
  C) It uses scientific methods to explain an observed phenomenon and predict future events
  D) It makes use of fieldwork
  Show Answer
  The correct answer is C .
• Question 195: The 'terms of trade' means Options:
  A) the trade agreement between two countries
  B) the difference in the volumes of exports of two countries
  C) the value of a unit of export in relation to the value of a unit of import
  D) the production of total value of exports to the value of total trade
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 196: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
  Show Answer
  The correct answer is A .
• Question 197:

  

  In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

  Options:
  A) There has been an increase in the consumer’s money income
  B) There has been a reduction in the price of both A and B
  C) There has been no change in the price of A or B
  D) There has been no change in the price of A relative to the price of B
  Show Answer
  The correct answer is B .
• Question 198: In perfect competition,price is determined by the Options:
  A) government
  B) sellers
  C) buyers
  D) market
  Show Answer
  The correct answer is D .
• Question 199: The law of demand can be expressed as Options:
  A) P = f(Q _d)
  B) Q _d = f($\frac{1}{p}$
  C) P = f($\frac{1}{Q_d}$
  D) Qd = f(P)
  Show Answer
  The correct answer is B .
• Question 200: A cumulative frequency graph is Options:
  A) a histogram
  B) an ogive
  C) a bar chart
  D) a pie chart
  Show Answer
  The correct answer is B .