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 1731: One of the unique features that distinguishes the perfect and imperfect market condition is _________ Options:
  A) profit motive principles
  B) absence of price control board
  C) price determines production and distribution
  D) number of sellers and buyers
  Show Answer
  The correct answer is D .
• Question 1732:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 1733: The study of broad economic aggregates is Options:
  A) Macro economics
  B) deductive method of economic analysis
  C) micro economics
  D) Inductive method of economics analysis
  Show Answer
  The correct answer is A .
• Question 1734: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 1735: One factor which influences the slope of a non-linear demand curve for a commodity is the? Options:
  A) price of the commodity
  B) quantity of the commodity demanded
  C) availability of substitutes
  D) available of complements
  Show Answer
  The correct answer is C .
• Question 1736:

  A consumer of a single commodity is in equilibrium when

  Options:
  A) he can equate his demand with price
  B) he equates marginal utility and price
  C) he can equate his marginal and total utilities
  D) his marginal utility is equal to zero
  Show Answer
  The correct answer is B .
• Question 1737: The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as Options:
  A) visible trade
  B) invisible trade
  C) balance of payments
  D) balance of trade
  E) terms of trade
  Show Answer
  The correct answer is C .
• Question 1738: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .
• Question 1739: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 1740: The condition for equilibrium price and quantity under perfect competition is? Options:
  A) MC = AR = TR
  B) TC =AR = P
  C) MC = AR = P
  D) MC = AR = TC
  Show Answer
  The correct answer is C .