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 471:

  

  Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is D .
• Question 472: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 473: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 474: Which is of the following is NOT among the financial institutions in Nigeria? Options:
  A) Federal Mortgage Bank
  B) Microfinance Banks
  C) Insurance Banks
  D) Federal Ministry of Finance
  Show Answer
  The correct answer is D .
• Question 475:

  A market is in disequilibrium if

  Options:
  A) the quantity purchased is greater than quantity sold
  B) the quantity sold differs from the quantity purchased
  C) at a lower price, a large quantity is sold
  D) the quantity demanded differs from the quantity supplied
  Show Answer
  The correct answer is D .
• Question 476:

  

  If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is B .
• Question 477:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.The two commodities can be classified as?

  Options:
  A) Substitutes
  B) durable and non-durable
  C) intermediate and final
  D) complements
  Show Answer
  The correct answer is A .
• Question 478: If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the? Options:
  A) percentage change in the quantity of X divded by the percentage change in the price of Y
  B) percentage change in the quantity of X divided by change in the price of Y
  C) change in the quantity of X divided by change in the price of Y
  D) percentage change in the quantity of X divided by the price Y
  E) percentage change in the price of X divided by percentage change in the quantity of Y
  Show Answer
  The correct answer is A .
• Question 479:

  A country has a population distribution as shown below:

  $\begin{array}{cc}\text{Age Group years}& \text{ Corresponding percentage}\\ \text{Above 60}& 22\\ 15-60& 60\\ 0-14& 15\end{array}$

  The dependency ratio is

  Options:
  A) 3:2
  B) 1:3
  C) 2:3
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 480: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .