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 1:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2:

  

  From the above, calculate the price elasticity of demand

  Options:
  A) 5.0
  B) 2.0
  C) 1.0
  D) 0.5
  Show Answer
  The correct answer is D .
• Question 3:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 4: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .
• Question 5:

  

  The graphs illustrate

  Options:
  A) joint demand
  B) derived demand
  C) composite demand
  D) competitive demand
  Show Answer
  The correct answer is D .
• Question 6:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 7:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 8: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 9: A change from one industry to another by a worker is an example of Options:
  A) geographical mobility
  B) horizonatal mobility
  C) professional advancement
  D) veritcal mobility
  Show Answer
  The correct answer is A .
• Question 10: Which of the following is a characteristic of private limited liability company? Options:
  A) its shares can be sold to the public
  B) the number of shareholders ranges from fifty to one hundred
  C) all shareholders have equal powers and responsibilities
  D) the number of shareholders ranges from two to fifty
  Show Answer
  The correct answer is D .