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 301: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 302: If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is Options:
  A) zero
  B) 1
  C) 2
  D) 5
  E) 10
  Show Answer
  The correct answer is C .
• Question 303: The activities in the oil and gas industry are classified into Options:
  A) exploration and transportation
  B) upstream and downstream
  C) discovery and extraction
  D) onshore and offshore
  Show Answer
  The correct answer is B .
• Question 304: In the short run, the monopolistic competitors? Options:
  A) always makes profit
  B) always incurs a loss
  C) always breaks -even
  D) may close down
  Show Answer
  The correct answer is A .
• Question 305: External finance for a limited liability company is mainly sourced through? Options:
  A) the leasing equipment
  B) the issuing of shares
  C) trade credits
  D) banks loans
  Show Answer
  The correct answer is A .
• Question 306: If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand Options:
  A) 0.5
  B) 1.2
  C) 2.5
  D) 4.0
  Show Answer
  The correct answer is A .
• Question 307: The role of the Central Bank in the economic development of Nigeria is to Options:
  A) give short-and medium-term loans to the public
  B) give financial and technical advice to customers
  C) use cheques and bankdrafts to faciliate business transactions
  D) maintain a stable price system
  Show Answer
  The correct answer is D .
• Question 308:

  In the long run, all production factors are____________

  Options:
  A) variable
  B) fixed
  C) semi-variable
  D) semi-fixed
  Show Answer
  The correct answer is A .
• Question 309: Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through? Options:
  A) increase in taxation of private companies, public corporations and private individuals
  B) increase in cash reserve ratio of commercial banks and the sale of government securities
  C) decrease in goverment expenditure on education
  D) direct price control in the market place
  Show Answer
  The correct answer is A .
• Question 310: An important determinant of price elasticity of demand is Options:
  A) the state of technology
  B) the prices of other commodities
  C) the ease of substitution
  D) government policy
  Show Answer
  The correct answer is C .