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: If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is Options:
  A) 66.7
  B) 0.5
  C) 1.5
  D) 2.0
  Show Answer
  The correct answer is D .
• Question 2122: Which of the following is NOT illustrated by the production possibility curve Options:
  A) Risk
  B) Scarcity
  C) Opportunity cost
  D) Allocative efficiency
  Show Answer
  The correct answer is A .
• Question 2123: In certain circumstances, a centrally planned economy adopts the rationing system because of? Options:
  A) the scarcity of goods and services in the market
  B) low real and money wages
  C) the need for equitable distribution of goods and services
  D) transportation and distribution problems
  Show Answer
  The correct answer is C .
• Question 2124: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• 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: A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the? Options:
  A) price only
  B) quantity only
  C) quality only
  D) price and quantity
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  The correct answer is A .
• Question 2127: If the demand of a product with perfectly elastic supply increases, there will be Options:
  A) An increase in price and quantity offered
  B) An increase in quantity offered but price will remain the same
  C) A reduction in price and quantity offered
  D) An increase in price but a reduction in quantity offered for sale
  E) An increase in quantity offered but a reduction in price
  Show Answer
  The correct answer is B .
• Question 2128:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  The marginal product of the 5th unit of capital is

  Options:
  A) 42
  B) 85
  C) 144
  D) 213
  Show Answer
  The correct answer is D .
• Question 2129: A primary industry is concerned with? Options:
  A) extraction of resources in their raw states
  B) the operation of small scale enterprises
  C) the economic activities of primary producers
  D) clearing and cultivation of land only
  Show Answer
  The correct answer is A .
• Question 2130: 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 .