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 111:

  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 112:

  If commodities X and Y are substitute, their cross elasticity of demand will be

  Options:
  A) One
  B) positive
  C) negative
  D) zero
  Show Answer
  The correct answer is B .
• Question 113:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .
• Question 114:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .
• Question 115:

  

  The movement of curve I to ll suggests

  Options:
  A) an improvement in capital goods technology but not in consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is A .
• Question 116:

  The 2nd National Development plan in Nigeria was between

  Options:
  A) 1962 - 1968
  B) 1970 - 1974
  C) 1975 - 1980
  D) 1980 - 1985
  E) 1985 - 1990
  Show Answer
  The correct answer is B .
• Question 117: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .
• Question 118:

  

  The average total cost when output is 200 units in the table aboveis

  Options:
  A) N1.00
  B) N2.0
  C) N1.40
  D) N2.40
  Show Answer
  The correct answer is B .
• Question 119:

  

  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 120: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .