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 1721: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 1722:

  

   

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

  Options:
  A) P₁EHP_o
  B) P_oHQ_oO
  C) P₁EQ_oO
  D) P₁ED₁P_o
  Show Answer
  The correct answer is A .
• Question 1723:

  

  Which of the following statements does NOT describe a situation of perfect competition?

  Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into and exit out of , the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 1724: A good measure of the standard of living usually used for international comparison is Options:
  A) gross natioal income (GNI)
  B) net national income (NNI)
  C) gross national product (GNP)
  D) gross domestic product (GDP)
  E) per capital income (PCI)
  Show Answer
  The correct answer is E .
• Question 1725: A monopolist can boost up his revenue by Options:
  A) adjusting both price and output upward
  B) reducing total output to match price
  C) increasing price
  D) reducing price
  Show Answer
  The correct answer is B .
• Question 1726:

  Which of the following factors is not a cause of diminishing returns?

  Options:
  A) Increase in variable inputs
  B) Land fragmentation
  C) Constant technology
  D) Technological innovations
  Show Answer
  The correct answer is D .
• Question 1727:

  In a free market economy, the rationing of scarce goods is done principallyby?

  Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  Show Answer
  The correct answer is C .
• Question 1728: What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100? Options:
  A) 1.25
  B) 1.45
  C) 0.25
  D) 0.15
  Show Answer
  The correct answer is A .
• Question 1729: In the agricultural sector, improved extension services facilitate? Options:
  A) acquistion of techniques
  B) arable crop production
  C) mobility of labour
  D) livestock production
  Show Answer
  The correct answer is A .
• Question 1730:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .