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 1361:

  A firm that closes down will still incur

  Options:
  A) variable cost
  B) fixed cost
  C) total cost
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1362: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 1363: An emerging agricultural export crop in Nigeria is Options:
  A) cassava
  B) cotton
  C) cocoa
  D) soya beans
  Show Answer
  The correct answer is C .
• Question 1364: A change in demand for a normal goods implies that, there is a Options:
  A) change in the quantity demanded as price changes
  B) shift in the demand curve
  C) movement along a given demand curve
  D) change in the price elasticity of demand
  Show Answer
  The correct answer is D .
• Question 1365:

  Full employment is a situation in which _______

  Options:
  A) Every adult is employed.
  B) Only the disable are not employed.
  C) All adults who can work are employed.
  D) All those who are able and eligible can find employment
  Show Answer
  The correct answer is D .
• Question 1366: A rational consumer will adjust his spending pattern so that Options:
  A) He buys only the one item that gives him most total satisfaction
  B) The marginal utility he gets from the last unit of item is the same
  C) The marginal utility he gets from the last naira spent on each item is the same
  D) The total utility he gets from each item is the same
  E) The total amount of money he spends on each item is the same
  Show Answer
  The correct answer is C .
• Question 1367:

  A problem of price control is

  Options:
  A) development of black markets
  B) increased earning and higher profit
  C) increase in employment
  D) increase investment
  E) redistribution of income
  Show Answer
  The correct answer is A .
• Question 1368:

  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 1369: An economic system in which individual control the productive resources is known as Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1370: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .