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 141: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 142: A monopolist is a Options:
  A) duopolist
  B) group of producers of related goods
  C) partnership business that produces a commodity with high demand
  D) single producer or seller of a commodity at cheap rate
  E) single producer or seller of a commodity that has no close substitute
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  The correct answer is E .
• Question 143: The difference between personal income and personal disposal income is? Options:
  A) personal income tax
  B) investment income
  C) personal savings
  D) consumption expenditure
  Show Answer
  The correct answer is A .
• Question 144: In the history of Economic Thought the concept of Division of labour is usually associated with? Options:
  A) David Richardo
  B) J.M. Keynes
  C) Adam Smith
  D) Karl Marx
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  The correct answer is C .
• Question 145: 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 146:

  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 147:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
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  The correct answer is A .
• Question 148:

  The sufficient condition for a firm to be in equilibrium is that the

  Options:
  A) firm must show that it is profitable
  B) marginal cost must be equal to average revenue
  C) marginal revenue curve is above the average revenue curve
  D) marginal cost curve cuts the marginal revenue curve from below
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  The correct answer is D .
• Question 149:

  A price floor is usually fixed

  Options:
  A) at the equilibrium and causes no shortage
  B) above the equilibrium and causes shortage
  C) below the equilibrium and causes surpluses
  D) above the equilibrium and causes surpluses
  Show Answer
  The correct answer is D .
• Question 150: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
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  The correct answer is D .