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 151: Economic freedom is a basic feature of economy Options:
  A) an industrialized economy
  B) a planned economy
  C) a developed economy
  D) a market economy
  Show Answer
  The correct answer is D .
• Question 152: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 153: A change in the pump price of petrol in Nigeria has a direct effect on the Options:
  A) prices of consumer goods
  B) prices of essential goods
  C) cost of raw materials
  D) cost of transportation
  Show Answer
  The correct answer is B .
• Question 154: The best channel of distribution of baked bread is through? Options:
  A) wholesalers to retailers then to consumers
  B) direct sales to consumers
  C) wholesalers to consumers
  D) retailers to consumers
  Show Answer
  The correct answer is B .
• Question 155: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
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  The correct answer is B .
• Question 156:

  

  The percentage of working population in 2002 is

  Options:
  A) 50%
  B) 25%
  C) 8%
  D) 80%
  Show Answer
  The correct answer is D .
• Question 157: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
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  The correct answer is A .
• Question 158: 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
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  The correct answer is C .
• Question 159:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
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  The correct answer is C .
• Question 160: If there is an increase in demand without a corresponding increase in supply, there will be a Options:
  A) rise in price
  B) shift in demand curve to the left
  C) fall in price
  D) shift in supply curve to the right
  Show Answer
  The correct answer is A .