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 1111: 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 1112: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 1113: National Income estimates can be used to? Options:
  A) differentiate between the rich and the poor in a country
  B) prepare a country's annual budget
  C) protect the level of a country's economic develompent
  D) compare a country's growth rate with that of another over a period of time
  Show Answer
  The correct answer is D .
• Question 1114:
  

  The diagram above represent

  Options:
  A) Supply curve
  B) Production possibility curve
  C) indifference curve
  D) Demand curve
  Show Answer
  The correct answer is B .
• Question 1115: If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be? Options:
  A) 6.00 tonnes
  B) 5.68 tonnes
  C) 0.60 ton
  D) 0.57 ton
  Show Answer
  The correct answer is B .
• Question 1116: The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit? Options:
  A) N 100 000
  B) N 800 000
  C) N 1000 000
  D) N 8000 000
  Show Answer
  The correct answer is B .
• Question 1117: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
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  The correct answer is B .
• Question 1118:

  

  Which of the following statements does NOT describe a situation of perfect competition?

  Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into and exit out of , the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 1119: An important feature of perfect competition is that? Options:
  A) the movement of goods and services is restricted
  B) there is adequate knowledge of existing prices
  C) prices are centrally administered
  D) individual economic units can influence prices
  Show Answer
  The correct answer is B .
• Question 1120: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .