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 1211: At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?` Options:
  A) price is always equal to marginal cost
  B) supply is always equal to demand
  C) price is always higher than marginal cost
  D) there are always many buyers and many sellers
  Show Answer
  The correct answer is A .
• Question 1212: Which of the following is not a function of the money market? Options:
  A) Provision of finance
  B) enhance loan savings
  C) creation of long term
  D) Provision of finance
  Show Answer
  The correct answer is C .
• Question 1213: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 1214: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 1215: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
  Show Answer
  The correct answer is A .
• Question 1216: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 1217:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .
• Question 1218: The price per unit of a commodity to a buyer is the same as the Options:
  A) Normal profit of the seller
  B) Average revenue of the seller
  C) Marginal cost of the commodity
  D) Marginal revenue of the seller
  Show Answer
  The correct answer is B .
• Question 1219: Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be Options:
  A) The same as equilibrium supply
  B) Greater than equilibrium supply
  C) Less than the equilibrium supply
  D) Determined later by government
  E) None of these
  Show Answer
  The correct answer is C .
• Question 1220:

  In the history of economics the concept of division of labour is usually associated With______________-

  Options:
  A) Karl Marx
  B) Adam Smith
  C) David Ricardo
  D) J.M Keynes
  Show Answer
  The correct answer is B .