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 1941: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 1942:

  

  Study the figure above. At paint H the price elasticity of supply is

  Options:
  A) Perfectly inelastic
  B) Inelastic
  C) Unit elastic
  D) Perfectly elastic
  E) Elastic
  Show Answer
  The correct answer is B .
• Question 1943: What fundamentally determines how much a consumer spends in a producer's shop? Options:
  A) Individual's propensity to consume
  B) level of his taxation
  C) level of his income
  D) Individual's taste or fashion
  Show Answer
  The correct answer is C .
• Question 1944: The ordinalist approach of utility postulated that utility can be Options:
  A) Rank
  B) Measurable
  C) Rise
  D) Fall
  Show Answer
  The correct answer is A .
• Question 1945: 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 1946: Less developed countries obtain foreign exchange reserve mainly from the export of Options:
  A) Manufactured goods
  B) Processed and semi processed commodities
  C) Invisible items
  D) Primary product
  E) All of the above
  Show Answer
  The correct answer is D .
• Question 1947: In modern economies, the Malthusian theory of population is ineffective because of Options:
  A) birth control measures
  B) technical progress
  C) government policies
  D) natural disasters
  Show Answer
  The correct answer is B .
• Question 1948: Stock exchange market deals with Options:
  A) exchange of commodities
  B) exchange of stock fish for stock
  C) exchange of treasury bills
  D) sales of foreign exchange
  E) sales of second hand securities
  Show Answer
  The correct answer is E .
• Question 1949: A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as Options:
  A) duopoly
  B) monopolist
  C) monopsonist
  D) oligopoly
  E) perfect competitor
  Show Answer
  The correct answer is B .
• Question 1950:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .