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 1561: An institution that regulates trade relations among members is the Options:
  A) ADB
  B) OPEC
  C) EU
  D) IMF
  Show Answer
  The correct answer is B .
• Question 1562:

  A major characteristic of natural resources isthey

  Options:
  A) are unlimited in supply
  B) have high cost of production
  C) are free gifts of nature
  D) do not command any price
  Show Answer
  The correct answer is C .
• Question 1563:

  

  The graph of the schedule above will depict

  Options:
  A) a kinked demand curve
  B) a normal demand curve
  C) an abnormal demand curve
  D) a diminishing marginal utility curve
  Show Answer
  The correct answer is C .
• Question 1564: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 1565: If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? Options:
  A) fall in both quantity of demand and total revenue
  B) fall in the quantity demanded and rise in total revenue
  C) fall in the quantity demanded and rise in marginal revenue
  D) rise in both the quantity demanded and the marginal revenue
  Show Answer
  The correct answer is A .
• Question 1566: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 1567:

  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 1568:

  All of the following describes conditions necessary for existence of a perfect market EXCEPT

  Options:
  A) lack of homogeneity of goods
  B) perfect knowledge
  C) large buyers and sellers
  D) portability of goods
  Show Answer
  The correct answer is A .
• Question 1569: The condition for equilibrium price and quantity under perfect competition is? Options:
  A) MC = AR = TR
  B) TC =AR = P
  C) MC = AR = P
  D) MC = AR = TC
  Show Answer
  The correct answer is C .
• Question 1570: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .