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 1381: Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under? Options:
  A) the marketing boards
  B) the commodity boards
  C) the river-basin authorities
  D) private investors and individuals
  Show Answer
  The correct answer is D .
• Question 1382: The following determine the level of consumption EXCEPT Options:
  A) expectation of price changes
  B) level of income
  C) savings
  D) the rate of taxes paid
  E) the political climate
  Show Answer
  The correct answer is E .
• Question 1383: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
  Show Answer
  The correct answer is A .
• Question 1384: Division of labour is limited by the? Options:
  A) available of raw materials
  B) size of the labour force
  C) size of a labour firm
  D) absolute size of the country's population
  E) per capital income and number of potential buyers
  Show Answer
  The correct answer is B .
• Question 1385: The major objective of economic growth is to? Options:
  A) redistribute income and other benefits of growth
  B) equalize opportunities for education and employment
  C) increase the aggregate expenditure on goods and services
  D) increase real per capital income
  Show Answer
  The correct answer is D .
• Question 1386: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
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  The correct answer is D .
• Question 1387:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1388: For a monopolist, the demand curve is Options:
  A) inelastic
  B) perfectly elastic
  C) perfectly inelastic
  D) elastic
  E) unitary elastic
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  The correct answer is C .
• Question 1389:

  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 1390: The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, Options:
  A) each successive unit of the variable factor brings about a decreasing marginal product
  B) each successive unit of the variable factor bring about equal increase in marginal product
  C) each successive unit of the variable factor bring about an increasing marginal product
  D) each successive unit of the variable factor bring about four time increase in marginal product
  E) each successive unit of the variable factor bring about more than equal increase in marginal product
  Show Answer
  The correct answer is B .