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 1121:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1122: The following countries are members of ECOWAS EXCEPT Options:
  A) Angola
  B) Ghana
  C) Ivory coast
  D) Liberia
  E) Niger Republic
  Show Answer
  The correct answer is A .
• Question 1123: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 1124: For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is Options:
  A) equal to marginal cost
  B) greater than marginal cost
  C) greater than average total cost
  D) equal to marginal revenue
  E) equal to toal revenue
  Show Answer
  The correct answer is B .
• Question 1125:

  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 1126: Above full employment level, an expansionary monetary policy will lead to a Options:
  A) decrease in aggregate supply
  B) fall in the inflation rate
  C) rise in the inflation rate
  D) fall in aggregate demand
  Show Answer
  The correct answer is C .
• Question 1127: Inflation which is caused mainly increases in the prices of factors of production is described as? Options:
  A) cost-push inflation
  B) demand-pull inflation
  C) crawling inflation
  D) spiral inflation
  Show Answer
  The correct answer is A .
• Question 1128: In a planned economy, what shall be produced is determined primarily by? Options:
  A) what the consumer wants
  B) government decisions
  C) price mechanism
  D) the pattern of consumer spending
  Show Answer
  The correct answer is B .
• Question 1129:

  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 1130: The concept of choice in Economics refers to Options:
  A) a decision between one thing and another
  B) ranking of wants in an ascending order
  C) selection of most pressing wants out of a range of alternatives
  D) ranking of wants on a table of preference
  E) separating defective commodities from non-defective ones
  Show Answer
  The correct answer is C .