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 1311: The short-run equilibrium in a perfectly competitive market requires that? Options:
  A) marginal cost be equal to total revenue
  B) marginal cost and marginal revenue be equal
  C) costs are mutually determined by buyers and sellers
  D) the marginal cost curve cuts the total cost curve
  Show Answer
  The correct answer is A .
• Question 1312: The income elasticity of demand of normal goods is Options:
  A) negative
  B) positive
  C) zero
  D) fixed
  Show Answer
  The correct answer is B .
• Question 1313: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 1314: An advantage of large-scale farming over peasant farming is in the area of Options:
  A) providing research and massive employment of labour
  B) redistributing national income to various regions of the country
  C) encouraging the use of traditional implements
  D) encouraging urban-rural migration
  Show Answer
  The correct answer is A .
• Question 1315:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1316:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 1317: Which of the following statement is NOT true about agriculture in West Africa? Options:
  A) Agriculture employs over 60% of West Africa’s occupied population
  B) Agriculture production is the basis for excise taxes in West Africa
  C) Many West Africa countries depend on agricultural exports for foreign exchange earnings
  D) Agriculture supplies West African industries with raw materials
  E) Agriculture provides incomes to West African farmers who engaged in it
  Show Answer
  The correct answer is B .
• Question 1318: Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through? Options:
  A) increase in taxation of private companies, public corporations and private individuals
  B) increase in cash reserve ratio of commercial banks and the sale of government securities
  C) decrease in goverment expenditure on education
  D) direct price control in the market place
  Show Answer
  The correct answer is A .
• Question 1319: Which modal of the factor is inelastic? Options:
  A) Wages
  B) capital
  C) labour
  D) land
  Show Answer
  The correct answer is D .
• Question 1320:

  

  The graphs illustrate

  Options:
  A) joint demand
  B) derived demand
  C) composite demand
  D) competitive demand
  Show Answer
  The correct answer is D .