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 11:

  Occupational distribution of information is mainly influenced by___________

  Options:
  A) economic factor
  B) religious factor
  C) geographical factor
  D) social factor
  Show Answer
  The correct answer is A .
• Question 12: Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is Options:
  A) elastic in both markets
  B) uniltary elastic in both market
  C) inelastic in both markets
  D) elastic in one market and inelastic in the other
  E) unitary elastic in none of the markets
  Show Answer
  The correct answer is D .
• Question 13: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year Options:
  A) The population increased by 2.25million
  B) There were 2.25 million live births
  C) The government have to make provisions for 2.25 million children
  D) 2.25 million - children were born
  Show Answer
  The correct answer is A .
• Question 14: Gresham's law in economics shows that Options:
  A) bad money drives good money out of circulation
  B) good money drives bad money out of circulation
  C) gold must be available to maintain the value of paper money
  D) the price level varies directly with the quality of money
  Show Answer
  The correct answer is A .
• Question 15: What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit? Options:
  A) The industry has many differentiated products
  B) The industry is characterized by rapid technological change
  C) The industry consist of large number of producers
  D) There are significant barriers to prevent firms entering the market
  Show Answer
  The correct answer is D .
• Question 16: In the national income and product accounts, double counting is avoided if? Options:
  A) only final goods counted
  B) only intermediate goods are counted
  C) only intermediate and final goods are counted
  D) the value of all goods and services are added together
  Show Answer
  The correct answer is A .
• Question 17: Patents and copyrights enable monopolists to Options:
  A) determine the quality of their products
  B) determine the scale of their products
  C) restrict information flow to new firms
  D) restrict entry of new firms
  Show Answer
  The correct answer is B .
• Question 18: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 19: Who controls a limited liability company ? Options:
  A) The general manager
  B) The managing director
  C) The owner of 51% of shares
  D) The board of directors
  E) The government
  Show Answer
  The correct answer is D .
• Question 20: An advantage of electronic banking is that it Options:
  A) Enables many customers to operate joint accounts
  B) Reduces risk of bank fraud
  C) Enables a customer to operate many accounts from different locations
  D) Enables a customer to operate his account from different locations
  Show Answer
  The correct answer is D .