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 1241:

  

  The firm portrayed is selling in

  Options:
  A) a purely competitive market
  B) a market in which demand elastic at all prices
  C) an imperfectly competitive markket
  D) a market in which companies produce homogeneous commodities
  Show Answer
  The correct answer is C .
• Question 1242: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
  Show Answer
  The correct answer is B .
• Question 1243: When total utility is at maximum, then marginal utility is Options:
  A) decreasing
  B) increasing
  C) maximum
  D) negative
  E) zero
  Show Answer
  The correct answer is E .
• Question 1244: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 1245: The effect of the demand for product A caused by a change in the price of a product B is called? Options:
  A) cross-elasticity of demand
  B) elasticity of supply
  C) competitive demand
  D) composite demand
  E) joint demand
  Show Answer
  The correct answer is A .
• Question 1246:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .
• Question 1247:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .
• Question 1248:

  The demand curve facing the monopolist in the foreign market is__________

  Options:
  A) Elastic
  B) Inelastic
  C) Perfectly elastic
  D) Unitary
  Show Answer
  The correct answer is C .
• Question 1249: Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria? Options:
  A) A more even development of the different parts of the country will be assured
  B) There will be an unbalanced spread in the distribution of industries
  C) The less developed parts of the country will be able to attract more industries
  D) Only the government will be able to finance the establishment of industries
  Show Answer
  The correct answer is B .
• Question 1250: One of the purposes of advertisement in marketing is to? Options:
  A) change the quality of the product
  B) raise the quantity of the product demanded as its price falls
  C) shift the demand curve for the product to the right
  D) raise production cost
  Show Answer
  The correct answer is C .