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 1881: Which of the following is a necessary prerequisite for trade by barter? Options:
  A) Needs for double coincidence of wants
  B) Multiple exchange rate
  C) Impossibility of future trade
  D) Impossibility of large scale production
  E) Indivisibility of commodities
  Show Answer
  The correct answer is A .
• Question 1882: The demand for salt is ………… Options:
  A) Elastic
  B) Inelastic
  C) Unitary elastic
  D) both a and b
  Show Answer
  The correct answer is B .
• Question 1883:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .
• Question 1884: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
  Show Answer
  The correct answer is C .
• Question 1885:

  

  PN equals average revenue or marginal revenue cure of

  Options:
  A) An imperfect competitive firm
  B) a monopoly
  C) a perfectly competitive firm
  D) a monopolistic competitive firm
  Show Answer
  The correct answer is C .
• Question 1886:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 1887: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 1888:

  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 .
• Question 1889: The Malthusian theory of population growth is often said to be? Options:
  A) ambiguous
  B) oversimplified
  C) pessimistic
  D) optimistic
  Show Answer
  The correct answer is C .
• Question 1890: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .