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 1221: Retailers are greater in numbers than wholesalers because? Options:
  A) retail business may not be registered or incorporated
  B) retail business requires less expertise
  C) retailers deal with final consumers
  D) all retail businesses are large enterprises
  E) all retail businesses are small enterprises
  Show Answer
  The correct answer is B .
• Question 1222:

  The coefficient of the price elasticity of supply is always_____________

  Options:
  A) Constant
  B) Zero
  C) Positive
  D) Negative
  Show Answer
  The correct answer is C .
• Question 1223:

  

  What is the market equilibrium price?

  Options:
  A) 5.00
  B) 8.00
  C) 9.00
  D) 7.00
  E) 6.00
  Show Answer
  The correct answer is E .
• Question 1224: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 1225: If a good is an inferior good, then? Options:
  A) it is also necessarily a Giffen good
  B) the quality of the goods demanded varies inversely with its price
  C) its income elasticity of demand is negative
  D) the poor buy the good only out of habit
  Show Answer
  The correct answer is C .
• Question 1226: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 1227: A budget with a projected revenue in excess of its expenditure is said to be? Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 1228:

  

  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 1229: A scientific approach in economic analysis entails? Options:
  A) a deductive method only
  B) both inductive and normative methods
  C) a normative method only
  D) both inductive and deductive methods
  Show Answer
  The correct answer is B .
• Question 1230: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .