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 1491:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 1492: What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit? Options:
  A) The industry has many differentiated products
  B) The industry is characterized by rapid technological change
  C) The industry consist of large number of producers
  D) There are significant barriers to prevent firms entering the market
  Show Answer
  The correct answer is D .
• Question 1493: In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the? Options:
  A) dependency is ratio high
  B) population is optimum
  C) active population is large
  D) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .
• Question 1494:

  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 1495: Economic growth takes place when there is an increase in Options:
  A) savings over time
  B) investment over time
  C) population over time
  D) output over time
  Show Answer
  The correct answer is D .
• Question 1496:

  In a perfect competition, the market price is determined by_______

  Options:
  A) the government
  B) the producer
  C) the consumer
  D) the market supply and demand junctions
  Show Answer
  The correct answer is D .
• Question 1497: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
  Show Answer
  The correct answer is C .
• Question 1498:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 1499: To perform its function as a store of wealth and standard for deferred payment, money must be Options:
  A) portable
  B) in attractive form
  C) stable in value
  D) spent more on capital goods than on consumer goods
  Show Answer
  The correct answer is C .
• Question 1500:

  	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
  Share in total National Output	25%	10%	50%	15%
  Share in total Employment	60%	10%	5%	25%
  Growth rate of Sectoral Output	2%	5%	10%	3%

  From the above, the Growth Rate of Total National Output or GDP is

  Options:
  A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
  B) 20.0%, i.e. (2 + 5 + 10 +3)%
  C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
  D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
  E) not obtainable
  Show Answer
  The correct answer is D .