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 1911:

  Which of the following will cause an increase in cost of production?

  Options:
  A) Hyper-inflation
  B) Cost push inflation
  C) Structural inflation
  D) Demand pull inflation
  Show Answer
  The correct answer is B .
• Question 1912:

  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 1913: A commodity can be sold for two or more different prices if it is? Options:
  A) produced or sold by oligopoly
  B) sold in perfect market
  C) produce or sold by monopsony
  D) produced or sold by monopoly
  E) produced or sold by perfect competition
  Show Answer
  The correct answer is D .
• Question 1914: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 1915:

  The shape of the production possibility frontier is determined by the_________

  Options:
  A) law of returns to scale
  B) law of diminishing returns
  C) factors of productions
  D) technology
  Show Answer
  The correct answer is B .
• Question 1916: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
  Show Answer
  The correct answer is C .
• Question 1917: When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is Options:
  A) competitive demand
  B) complementary demand
  C) composite demand
  D) derived demand
  E) independent demand
  Show Answer
  The correct answer is A .
• Question 1918: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 1919: Which of the following is a condition necessary Options:
  A) Few sellers and buyers
  B) Free entry and exist
  C) Homogeneous goods
  D) Lack of preferential treatment
  E) Many callers and buyers
  Show Answer
  The correct answer is A .
• Question 1920: The theory of absolute advantage was propounded by Options:
  A) Adam Smith
  B) David Ricardo
  C) Irving Fisher
  D) JB Kynes
  E) Thomas Malthus
  Show Answer
  The correct answer is A .