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 371:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 372: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 373: Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is? Options:
  A) 0.25
  B) 0.40
  C) 4.00
  D) 25.00
  Show Answer
  The correct answer is D .
• Question 374:

  

  The deflationary gap is defined by

  Options:
  A) X
  B) K
  C) X + K
  D) X - K
  Show Answer
  The correct answer is A .
• Question 375:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .
• Question 376: A rise in income will, ceteris paribus, bring about Options:
  A) a movement along the demand curve
  B) a leftward shift of the demand curve
  C) a rightward shift of the demand curve
  D) no effect on the demand curve
  Show Answer
  The correct answer is B .
• Question 377:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 378: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 379: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 380: If technology becomes less capital-intensive, it means? Options:
  A) an increase in the capital/labour ratio
  B) an increase in the capital/ratio
  C) a fall in the labour/capital ratio
  D) increased unemployment
  Show Answer
  The correct answer is B .