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 2101: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 2102:

  

  From the table above, find the values of E and F respectively

  Options:
  A) 27 and 1
  B) 68 and 12
  C) 28 and 5
  D) 12 and 19
  Show Answer
  The correct answer is A .
• Question 2103: In a joint stock company, preference shareholders are those who receive? Options:
  A) high dividends when profits are high and little or nothing when profits are low
  B) a fixed rate of individend and have the first claim on the net profits of the company
  C) the remaining profits after all other shareholders have been paid
  D) dividends quarterly when others receive annually
  Show Answer
  The correct answer is B .
• Question 2104:

  

  The excess profit made by the firm in the short-run is represented by

  Options:
  A) ORTZ
  B) OPVY
  C) ORTW
  D) ORSX
  Show Answer
  The correct answer is A .
• Question 2105: For a supply curve, an increase in the price of a commodity will result in? Options:
  A) a decrease in supply
  B) a decrease in the quantity supplied
  C) an increase in supply
  D) an increase in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 2106: The marketing of agricultural products in Nigeria can be improved by Options:
  A) a massive production of farm produce
  B) re-establishing the marketing boards
  C) establishing more agricultural banks
  D) processing of farm produce
  Show Answer
  The correct answer is B .
• Question 2107: If prices fall in a perfectly competitive industry, the firms in that industry in the short run will? Options:
  A) not decrease in number
  B) keep output at the same level but make losses
  C) reduce production
  D) intensity the advertisement of their products
  Show Answer
  The correct answer is C .
• Question 2108:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 2109:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 2110:

  Plywood industries are often located near the source of?

  Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .