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 1551:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 1552: Total revenue is always equal to? Options:
  A) marginal revenue multiplied by the quantity sold
  B) average revenue plus marginal revenue
  C) marginal revenue multiplied by marginal cost
  D) average revenue multiplied by the quantity sold
  Show Answer
  The correct answer is D .
• Question 1553: The price mechanism Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 1554: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 1555: Which of the following statement does NOT describe a situation of perfect competition.? Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into, and exit out of the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 1556:

  The demand curve facing the monopolist in the foreign market is__________

  Options:
  A) Elastic
  B) Inelastic
  C) Perfectly elastic
  D) Unitary
  Show Answer
  The correct answer is C .
• Question 1557: Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are Options:
  A) partnerships and limited liability companies
  B) partnerships and sole proprietorships
  C) cooperatives and sole proprietorship
  D) corporation and sole proprietorship
  Show Answer
  The correct answer is B .
• Question 1558: The working population refers to? Options:
  A) a population where the average age is falling
  B) the population within the '0 -14'age bracket
  C) the economically active segment of the population
  D) the dependent population
  Show Answer
  The correct answer is C .
• Question 1559: The most important goal of OPEC is to? Options:
  A) present a united front for the purpose of raising the price of crude oil
  B) bring unity among the petroleum exporting states
  C) ensuring political stability among member states
  D) ensure that rules on quota producion are strictly followed
  Show Answer
  The correct answer is D .
• Question 1560: 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
  Show Answer
  The correct answer is C .