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 2111: Pure monopoly describes market where Options:
  A) there are many sellers and a few buyers
  B) goods are sold at different price
  C) entry is not blocked, but no one cares to enter
  D) a few sellers and one buyer exist
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 2112:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2113: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 2114: A firm will experience diseconomies of scale when Options:
  A) there are difficulties in coordinating production
  B) there is shortage in labour supply
  C) the size of market is small
  D) there is an increase in the price of raw materials
  Show Answer
  The correct answer is A .
• Question 2115: Cross elasticity of demand can be mathematically expressed as the Options:
  A) $\frac{\text{\% change in quantity of commodity X}}{\text{\% change in quantity of commodity Y}}$
  B) $\frac{\text{\% change in quantity demanded}}{\text{\% change in price}}$
  C) $\frac{\text{\% change in quantity demanded of commodity X}}{\text{\% change in price of commodity Y}}$
  D) $\frac{\text{\% change in quantity demanded}}{\text{\% change in income}}$
  Show Answer
  The correct answer is C .
• Question 2116:

  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 .
• Question 2117:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .
• Question 2118: If the production of a large firm is higher than that of a small firm, it is experiencing. Options:
  A) external economies of scale
  B) external diseconomies of scale
  C) internal economies of scale
  D) internal diseconomies of scale
  Show Answer
  The correct answer is C .
• Question 2119:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2120: Inflation which is caused mainly increases in the prices of factors of production is described as? Options:
  A) cost-push inflation
  B) demand-pull inflation
  C) crawling inflation
  D) spiral inflation
  Show Answer
  The correct answer is A .