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 1681:

  A supply curve parallel to the X-axis indicates

  Options:
  A) fairly elastic supply
  B) infinitely elastic supply
  C) fairly inelastic supply
  D) perfectly inelastic supply
  Show Answer
  The correct answer is B .
• Question 1682: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 1683:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 1684:

  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 1685:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1686: If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called Options:
  A) composite demand
  B) elastic demand
  C) derived demand
  D) competitive demand
  E) inelastic demand
  Show Answer
  The correct answer is D .
• Question 1687: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
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  The correct answer is D .
• Question 1688: In which of the following economic systems do we have the means of production and exchange controlled by private individuals Options:
  A) socialist system
  B) mixed system
  C) capitalist system
  D) traditional system
  Show Answer
  The correct answer is C .
• Question 1689: Generally, property taxes? Options:
  A) are borne entirely by landlords
  B) cannot be shifted in the long run
  C) are borne by all (renter, owner occupiers and landlords)
  D) are borne only by renters
  E) are borne by a few industrialist
  Show Answer
  The correct answer is C .
• Question 1690:

  The economies of West African Countries depend majorly on

  Options:
  A) primary product
  B) secondary product
  C) tertiary product
  D) manufacturing product
  Show Answer
  The correct answer is A .