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: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1382:

  

  The average total cost when output is 200 units in the table aboveis

  Options:
  A) N1.00
  B) N2.0
  C) N1.40
  D) N2.40
  Show Answer
  The correct answer is B .
• Question 1383: One of the unique features that distinguishes the perfect and imperfect market condition is _________ Options:
  A) profit motive principles
  B) absence of price control board
  C) price determines production and distribution
  D) number of sellers and buyers
  Show Answer
  The correct answer is D .
• Question 1384: If MPC = 2/3 and investment is N100 million, the level of national income is Options:
  A) N100 million
  B) N10 million
  C) N303 million
  D) N300 million
  Show Answer
  The correct answer is D .
• Question 1385: Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) Concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introduction of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 1386: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 1387: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
  Show Answer
  The correct answer is A .
• Question 1388: The most acceptable economic measure for trade protection is to? Options:
  A) improve standards of living
  B) protect infant industries
  C) safegard strategic industries
  D) promote foreign trade
  Show Answer
  The correct answer is B .
• Question 1389: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 1390: Which of the following producer is closest to being a monopolist? Options:
  A) A baker
  B) A wheat farmer
  C) A large chain store
  D) An automobile plant
  Show Answer
  The correct answer is D .