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 2121:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 2122: The optimum population of a country is reached when Options:
  A) All factor of production have been fully employed
  B) The productive effort per man is at its highest with a given volume of resources
  C) The total population of a country increases
  D) The natural resources of a country increases
  E) The working population of a country increases
  Show Answer
  The correct answer is B .
• Question 2123: An imperfectly competitive market is one where? Options:
  A) a large number of firms sell homogenous products
  B) input and output prices are unaffected
  C) each firm faces aa horizontal demand curve
  D) each firm maximize profit by selecting an output level at
  E) commodities are differentiated
  Show Answer
  The correct answer is E .
• Question 2124: A major disadvantage of the arithmetic means is that it is Options:
  A) not useful for large data
  B) not suitable for further statistical analysis
  C) cumbersome to determine the actual value
  D) affected by extreme data
  Show Answer
  The correct answer is D .
• Question 2125: Individual markets differ from each other according to Options:
  A) The degree of competition
  B) The volume of trade
  C) The number of buyers
  D) It's composition
  Show Answer
  The correct answer is D .
• Question 2126: As a producer' association, the OPEC expects its members to maintain production where marginal cost is? Options:
  A) greater than price
  B) less than price
  C) equal to price
  D) equal to average cost
  Show Answer
  The correct answer is B .
• Question 2127:

  Factors affecting size of Labour Force include the following EXCEPT?

  Options:
  A) Level of technology
  B) Retirement age
  C) Government policies
  D) Trade Union activities
  Show Answer
  The correct answer is A .
• Question 2128:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 2129: A major impediment to the development of agriculture in Nigeria is Options:
  A) land use system
  B) inadequate supply of farm inputs
  C) low income of farmers
  D) limited research on seedlings
  Show Answer
  The correct answer is B .
• Question 2130: The type of business organizations mostly used for producing public goods in Nigeria is Options:
  A) Sole proprietorships
  B) Limited liability companies
  C) Co-operative societies
  D) Statutory corporations
  Show Answer
  The correct answer is D .