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 2191: Division of labour is limited by? Options:
  A) the size of market
  B) the productivity of capital
  C) cost of production
  D) the factors of production
  E) government policy
  Show Answer
  The correct answer is A .
• Question 2192: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 2193: The International Monetary Fund (IMF) was set up mainly to Options:
  A) cater for financial needs of developed countries
  B) create conditions favourable for the growth of world trade
  C) create favourable balance of payment
  D) develop domestic trade
  E) offset foreign debts only
  Show Answer
  The correct answer is B .
• Question 2194: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
  Show Answer
  The correct answer is A .
• Question 2195: Division of labour has many advantages . Not withstanding, it is greatly limited by? Options:
  A) monotony of work
  B) decline of craftmanship
  C) risk of unemployment
  D) extent of market demand
  E) boredom
  Show Answer
  The correct answer is C .
• Question 2196: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
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  The correct answer is C .
• Question 2197:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .
• Question 2198: Disposable income is the same thing as Options:
  A) personal income minus personal savings
  B) personal inome minus taxes
  C) national income minus depriciation
  D) exports minus imports
  E) savings plus investments
  Show Answer
  The correct answer is B .
• Question 2199: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 2200: Economics is called a social science because it is Options:
  A) A branch of social studies
  B) A study of the ways man devises to satisfy his unlimited wants from unlimited resources
  C) A dismissal science in the Malthusian sense
  D) Governed by scientific law
  E) The study of human wants by the means of scientific method of observation
  Show Answer
  The correct answer is B .