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 2291:

  

  If in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

  Options:
  A) fall because there is a surplus
  B) remain constant because it is the equilibrium price
  C) rise because there is a shortage
  D) double
  Show Answer
  The correct answer is A .
• Question 2292: Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as? Options:
  A) real income
  B) profit
  C) economic rent
  D) real wage
  Show Answer
  The correct answer is C .
• Question 2293: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
  Show Answer
  The correct answer is C .
• Question 2294: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
  Show Answer
  The correct answer is D .
• Question 2295:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .
• Question 2296:

  Indicator of underdevelopment is

  Options:
  A) high life expectancy
  B) low birth rate
  C) low population growth rate
  D) low per capita income
  Show Answer
  The correct answer is D .
• Question 2297: A tax on a commodity whose supply is perfectly inelastic is? Options:
  A) shifted completely on the consumer
  B) completely borne by the supplier
  C) dividend in the ratio 60;40 between the consumer and the supplier
  D) divided half-and-half between the producer and the consumer
  Show Answer
  The correct answer is B .
• Question 2298: When the demand for a good increases owing to an increase in income, it means that Options:
  A) there is an increase in quantity demanded
  B) inflation has taken place
  C) demand has exceeded supply
  D) there is an increase in demand
  Show Answer
  The correct answer is D .
• Question 2299:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 2300: A good indicator of economic development is an increase in Options:
  A) gross national product
  B) per capital income
  C) real national income
  D) real per capital income
  Show Answer
  The correct answer is B .