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 1771:

  

  If in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

  Options:
  A) fall because there is a surplus
  B) remain constant because it is the equilibrium price
  C) rise because there is a shortage
  D) double
  Show Answer
  The correct answer is A .
• Question 1772: In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The Options:
  A) individual's money income
  B) price of subtitutes
  C) price of complementary goods
  D) price of the commodity under consideration
  Show Answer
  The correct answer is C .
• Question 1773: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
  Show Answer
  The correct answer is B .
• Question 1774:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .
• Question 1775: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1776: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 1777: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 1778:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .
• Question 1779: Under perfect competition, the short-run supply curve of a firm is determined by its Options:
  A) total cost curve
  B) marginal cost curve
  C) average fixed cost curve
  D) average cost curve
  Show Answer
  The correct answer is B .
• Question 1780:

  

  In the figure above, the broken line labelled M is the marginal revenue curve of a

  Options:
  A) Monopoly
  B) Competitive firm
  C) State corporation
  D) Partnership
  E) Monopsony
  Show Answer
  The correct answer is A .