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 1871: which is not responsible for the decline infood production in West Africa? Options:
  A) Neglect of agriculture by many people
  B) drift of young people rural to urban areas
  C) Influence of weather and climate
  D) Many of the countries do not balance of payments problems
  E) Lack of good prices for agricultural products on the farm
  Show Answer
  The correct answer is D .
• Question 1872: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 1873: If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to? Options:
  A) the size of population
  B) technical progress
  C) the environment
  D) the amount of natural resources
  Show Answer
  The correct answer is B .
• Question 1874: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 1875:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1876: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age? Options:
  A) money is regarded as a medium of exchange
  B) measure for value
  C) unit of account
  D) store of value
  E) standard for deferred payments
  Show Answer
  The correct answer is D .
• Question 1877:

  

  In the diagram, the marginal propensity to consume (MPC) is equal to

  Options:
  A) $\frac{RP}{TP}$
  B) $\frac{TP}{RP}$
  C) $\frac{RT}{RP}$
  D) $\frac{RT}{TP}$
  Show Answer
  The correct answer is B .
• Question 1878: Long-run production is called Options:
  A) diminsihing returns to scale
  B) returns to scale
  C) external economies of scale
  D) economies of scale
  Show Answer
  The correct answer is D .
• Question 1879:

  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 1880: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .