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 2071:

  If two commodities are unrelated, a change in the price of one will____________

  Options:
  A) have effect on the quantity demanded of the other
  B) have no effect on the quantity demanded of the other
  C) increase the quantity demanded on the other
  D) decrease the quantity demanded on the other
  Show Answer
  The correct answer is B .
• Question 2072: Which is NOT a cause of high population growth in Nigeria? Options:
  A) Family planing Unit of Nigeria
  B) Improve medical facilities
  C) Reduction in death rate
  D) Improve hygiene
  E) Increased birth rate
  Show Answer
  The correct answer is A .
• Question 2073: A major function of middlemen in Nigeria is the distribution of? Options:
  A) commodities to all consumers regardless of income
  B) commodities to consuming centres and the collection of money income to producing centres
  C) economic welfare to all
  D) wealth to all
  E) poverty within the society
  Show Answer
  The correct answer is A .
• Question 2074: Economic growth can be accelerated through Options:
  A) excess current consumption
  B) excess consumption over investment
  C) increased current consumption
  D) increased current investment
  Show Answer
  The correct answer is D .
• Question 2075: Nigeria is currently implementing the? Options:
  A) third development plan
  B) second development plan
  C) fourth development plan
  D) fifth development plan
  Show Answer
  The correct answer is C .
• Question 2076:

  Use the table below to answer the question below:

  Market Demand Schedule for Commodity X:

  $\begin{array}{cc}\text{ Price N}& \text{Quantity(Million units)}\\ 60& 100\\ 50& 140\\ 40& 220\\ 30& 260\\ 20& 300\\ 10& 340\end{array}$

  If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

  Options:
  A) 0.62
  B) 0.73
  C) 1.00
  D) 1,50
  Show Answer
  The correct answer is B .
• Question 2077: The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in? Options:
  A) backward and forward linkages
  B) horizontal and vertical linkages
  C) vertical linkages
  D) functional linkages
  Show Answer
  The correct answer is A .
• Question 2078: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
  Show Answer
  The correct answer is B .
• Question 2079:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .
• Question 2080: When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of? Options:
  A) Nigeria's invisible export trade
  B) Nigeria's import trade
  C) Nigeria's invisble trade
  D) foreign capital inflow into Nigeria
  Show Answer
  The correct answer is A .