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: A major obstacle to the development of Nigeria economy is Options:
  A) low capital formation
  B) rural-urban migration
  C) over dependence on oil
  D) poor developmental policies
  Show Answer
  The correct answer is D .
• Question 1552: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
  Show Answer
  The correct answer is E .
• Question 1553: An important function of the price system is to Options:
  A) ensure that producers' profits remain high
  B) guarantee full employment of resources
  C) allocate resources to most productive uses
  D) protect the economic interests of government
  Show Answer
  The correct answer is D .
• Question 1554:

  A problem of price control is

  Options:
  A) development of black markets
  B) increased earning and higher profit
  C) increase in employment
  D) increase investment
  E) redistribution of income
  Show Answer
  The correct answer is A .
• Question 1555: At the equilibrium price, Options:
  A) demand is greater than supply
  B) demand equates supply
  C) demand is less than supply
  D) price is equal to demand only
  E) price is equal to supply only
  Show Answer
  The correct answer is B .
• Question 1556: Which of the following is used for measuring national income? Options:
  A) Output, income and wages
  B) Import, expenditure and output
  C) Income, output and expenditure
  D) Export, Import and output
  Show Answer
  The correct answer is C .
• Question 1557: Activities in the oil and gas industry are classified into Options:
  A) oil exploration and distribution
  B) refining and marketing of finished products
  C) upstream and downstream
  D) exploration and drilling
  Show Answer
  The correct answer is C .
• Question 1558:

  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 1559: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1560:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .