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 1701: The main function of price mechanism is to? Options:
  A) limit consumer demand
  B) enable producers make profit
  C) allocate scarce resources among competing ends
  D) ensure consumer sovereignty
  Show Answer
  The correct answer is C .
• Question 1702:

  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 1703: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
  Show Answer
  The correct answer is B .
• Question 1704: The following determine the level of consumption EXCEPT Options:
  A) expectation of price changes
  B) level of income
  C) savings
  D) the rate of taxes paid
  E) the political climate
  Show Answer
  The correct answer is E .
• Question 1705: The following are the main problems of distribution of essential commodities in Nigeria EXCEPT Options:
  A) excessive demand
  B) hoarding of goods
  C) long chain of distribution
  D) poor storage facilities
  E) poor transportation network
  Show Answer
  The correct answer is A .
• Question 1706: The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer Options:
  A) rationality
  B) surplus
  C) sovereignty
  D) credit
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  The correct answer is B .
• Question 1707: Both in the short run and in the long run, a firm maximizes its profits when? Options:
  A) MC = MR
  B) AC = MC
  C) AVC = AC
  D) MC = AVC
  Show Answer
  The correct answer is A .
• Question 1708: If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is? Options:
  A) normal
  B) elastic
  C) inelastic
  D) abnormal
  Show Answer
  The correct answer is C .
• Question 1709: 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 1710: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .