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 1691: Concentrating industries in one place is advantageous because there are gains in terms of? Options:
  A) external economies
  B) internal economies
  C) economies of scale
  D) cost economies
  Show Answer
  The correct answer is A .
• Question 1692: At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?` Options:
  A) price is always equal to marginal cost
  B) supply is always equal to demand
  C) price is always higher than marginal cost
  D) there are always many buyers and many sellers
  Show Answer
  The correct answer is A .
• Question 1693:

  If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

  Options:
  A) Zero
  B) 10
  C) 2
  D) 1
  Show Answer
  The correct answer is C .
• Question 1694: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
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  The correct answer is A .
• Question 1695: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
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  The correct answer is B .
• Question 1696: The additional revenue obtained by using one more unit of a factor is called its? Options:
  A) marginal product
  B) additional product
  C) marginal revenue product
  D) average product
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  The correct answer is C .
• Question 1697: By advertising, a monopolistic competitive firm tries to shift its Options:
  A) supply curve to the right
  B) demand curve to the right
  C) supply curve to the left
  D) demand curve to the left
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  The correct answer is B .
• Question 1698: If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is Options:
  A) 66.7
  B) 0.5
  C) 1.5
  D) 2.0
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  The correct answer is D .
• Question 1699: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
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  The correct answer is B .
• Question 1700:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .