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 1421:

  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 1422: The choice of what to produce in a command economy is determined by Options:
  A) industrial establishments
  B) labour unions
  C) the government and labour unions
  D) the central government
  Show Answer
  The correct answer is D .
• Question 1423: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
  Show Answer
  The correct answer is B .
• Question 1424: The producer in a perfectly competitive market is faced with a demand curve whose elasticity is? Options:
  A) unitary
  B) greater than one
  C) infinite
  D) less than one
  Show Answer
  The correct answer is C .
• Question 1425:

  

  In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is

  Options:
  A) 13:3
  B) 1:5
  C) 18:4
  D) 5:1
  Show Answer
  The correct answer is D .
• Question 1426:

  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 1427: In order to accelerate economic development, a country must? Options:
  A) stimulate her population growth rate
  B) pursue a high population growth rate
  C) pursue a rational population policy
  D) pursue an incremental population policy
  Show Answer
  The correct answer is C .
• Question 1428: The determinants of elasticity include? Options:
  A) price, time and availability of alternatives
  B) technology and cost of production
  C) time and availability of alternatives
  D) price, time and technology changes
  Show Answer
  The correct answer is A .
• Question 1429:

  The production cost that varies inversely with output is the

  Options:
  A) total fixed cost
  B) marginal cost
  C) average fixed cost
  D) average cost
  Show Answer
  The correct answer is D .
• Question 1430:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12If price is increased to N3, how much is the excess supply?

  Options:
  A) 30
  B) 22
  C) 12
  D) 8
  Show Answer
  The correct answer is B .