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 1891:

  

  The firm portrayed is selling in

  Options:
  A) a purely competitive market
  B) a market in which demand elastic at all prices
  C) an imperfectly competitive markket
  D) a market in which companies produce homogeneous commodities
  Show Answer
  The correct answer is C .
• Question 1892:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 1893: One of the functions of the price system is that it Options:
  A) encourages high volume of production
  B) dictates what the citizens will consume
  C) discourages the consumption of harmful goods
  D) regulates production and consumption
  Show Answer
  The correct answer is D .
• Question 1894: The equation MV PT is known as Options:
  A) demand and supply equation
  B) equilibrium equation
  C) equation of exchange
  D) money supply equation
  E) price index numbers
  Show Answer
  The correct answer is D .
• Question 1895: A situation in which all inputs are doubled and output also doubles is known as? Options:
  A) constant proportions
  B) constant returns
  C) increasing returns to scale
  D) constant returns to scale
  Show Answer
  The correct answer is D .
• Question 1896: The amount of labour hired depends on the Options:
  A) number of skilled labour available
  B) skill of labour
  C) marginal productivity of labour
  D) price of the inputs
  Show Answer
  The correct answer is C .
• Question 1897:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 1898: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .
• Question 1899:

  Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  Options:
  A) 100 days
  B) 30 days
  C) 90 days
  D) 14 days
  Show Answer
  The correct answer is C .
• Question 1900:

  The middlemen is responsible for

  Options:
  A) providing research facilities
  B) purchasing raw materials
  C) designing the product
  D) breaking the bulk
  Show Answer
  The correct answer is D .