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 1841:

  

  Elasticity of demand is an effective tool in the hand of a producer in that it enables him

  Options:
  A) rise his profits and lower his, costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is A .
• Question 1842: A one-man business is controlled by Options:
  A) an active partner
  B) board of trustees
  C) board of directors
  D) dormant partner
  E) the owner
  Show Answer
  The correct answer is E .
• Question 1843: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 1844: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 1845:

  In a perfect competition, the market price is determined by_______

  Options:
  A) the government
  B) the producer
  C) the consumer
  D) the market supply and demand junctions
  Show Answer
  The correct answer is D .
• Question 1846: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 1847: The term ceteris paribus implies that Options:
  A) Resources are scarce
  B) Human problems can be solved
  C) Human beings are unpredictable
  D) All factors are fully utilized
  Show Answer
  The correct answer is D .
• Question 1848:

  Which of the following activities will not lead to economic growth?

  Options:
  A) Massive importation of capital goods
  B) Intensive capital formation
  C) Use of modern technology
  D) Massive importation of consumer goods
  Show Answer
  The correct answer is D .
• Question 1849: The marginal productivity theory applies in a Options:
  A) unionized labour market
  B) perfectly competitive market
  C) monopsonistic market only
  D) monopolistic market only
  Show Answer
  The correct answer is D .
• Question 1850: Which of the following factors will NOT affect supply of maize in Nigeria? Options:
  A) Extension services to farmers
  B) Improve technology
  C) Price of maize
  D) Quantity of wheat produced
  E) Weather and climatic condition
  Show Answer
  The correct answer is D .