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 1761: A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee? Options:
  A) 0.02 tonnes
  B) 0.2 tonnes
  C) 2 tonnes
  D) 20 tonnes
  E) 200 tonnes
  Show Answer
  The correct answer is C .
• Question 1762: One of the major factors militating against industrialization in Nigeria is the? Options:
  A) inadequacy of infrastructural facilities
  B) absence of government participation
  C) frequent breakdown of equipment
  D) failure to get foreign partners and supporters
  Show Answer
  The correct answer is A .
• Question 1763:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1764: If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be Options:
  A) a monopolistic competitor as it can have a limited influence on price
  B) a monopolist as it can have a great influence on price
  C) a perfect competitor as it cannot influence the market price
  D) an oligopolist as it can collude with other firms to have some influence on price
  Show Answer
  The correct answer is B .
• Question 1765:

  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 1766: An industry's supply curve is more likely to be elastic when firms are Options:
  A) enjoying free entry and exit
  B) operating at full capacity
  C) operating below capacity
  D) maximizing profits
  Show Answer
  The correct answer is A .
• Question 1767: The numerical measure of elasticity is Options:
  A) $\frac{\text{\%change in Q}}{\text{\%change in P}}$
  B) $\frac{\text{change in Q}}{\text{change in P}}$
  C) $\frac{\text{\%change in P}}{\text{\%change in Q}}$
  D) $\frac{\text{change in P plus change in Q}}{\text{change in P}}$
  Show Answer
  The correct answer is A .
• Question 1768: A major reason for having national development plans is to Options:
  A) ensure efficient use of available resources
  B) involve people in national programmes
  C) make government spend more on production
  D) ensure that more citizens are involved in planning
  Show Answer
  The correct answer is A .
• Question 1769: In Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 1770:

  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 .