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 91: Patents and copyrights enable monopolists to Options:
  A) determine the quality of their products
  B) determine the scale of their products
  C) restrict information flow to new firms
  D) restrict entry of new firms
  Show Answer
  The correct answer is B .
• Question 92: The primary problem of Economics is? Options:
  A) to obtain a more equitable distribution of money income
  B) the scarcity of productive resources relative to material needs
  C) how to reach prices which correctly depict that products and resources are not in abundance
  D) to teach people how to save so as to make more money
  Show Answer
  The correct answer is B .
• Question 93: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .
• Question 94: Full employment is a situation in which? Options:
  A) every adult is employed
  B) all adults who can work are employed
  C) all person who attained the age of 15 and above are employed
  D) only the disabled are not employed
  E) all those who are able and eligible can find employment
  Show Answer
  The correct answer is E .
• Question 95: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
  Show Answer
  The correct answer is C .
• Question 96: The loading of crude oil at the terminal is an activity in the Options:
  A) downstream sector of the oil industry
  B) upstream and downstream sector of the oil industry
  C) upstream sector of the oil industry
  D) midstream and upstream sectors of the oil industry
  Show Answer
  The correct answer is A .
• Question 97:

  

  The graph of the schedule above will depict

  Options:
  A) a kinked demand curve
  B) a normal demand curve
  C) an abnormal demand curve
  D) a diminishing marginal utility curve
  Show Answer
  The correct answer is C .
• Question 98:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 99: Which of the following is NOT a major function of a Central Bank? Options:
  A) Serving as Goverment''s bank
  B) Serving as bankers bank
  C) Acceptance of deposit from the public
  D) Responsibility for monetary policy
  E) Serving as lender of last resort
  Show Answer
  The correct answer is C .
• Question 100: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
  Show Answer
  The correct answer is D .