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 2321:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2322: Economic growth can be accelerated through Options:
  A) excess current consumption
  B) excess consumption over investment
  C) increased current consumption
  D) increased current investment
  Show Answer
  The correct answer is D .
• Question 2323: A cumulative frequency graph is Options:
  A) a histogram
  B) an ogive
  C) a bar chart
  D) a pie chart
  Show Answer
  The correct answer is B .
• Question 2324: When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are? Options:
  A) zero and decreasing
  B) decreasing and zero
  C) negative and decreasing
  D) both at their maximum
  Show Answer
  The correct answer is A .
• Question 2325: The inefficient distribution of scarce commodities in Nigeria is mostly due to the? Options:
  A) inefficiency in the middlemen
  B) inefficiency in the production process
  C) long chain of the distribution system
  D) sovereignty of the consumers
  E) ineffectiveness of retailers
  Show Answer
  The correct answer is C .
• Question 2326: 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 2327:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2328: Which of these is NOT associated with the problem of internal trade? Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2329: The effect of changes in the condition of demand on a demand schedule with the price constant is? Options:
  A) A movement along the demand curve
  B) deflation of the demand curve
  C) hyperbola formation by the demand curve
  D) shift of the demand curve
  Show Answer
  The correct answer is D .
• Question 2330: A firm whose cost of production decrease as it continues to increase its output is said to be enjoying? Options:
  A) profit maximization
  B) large-scale production
  C) a wind fall
  D) government subsidies
  E) economies of scale
  Show Answer
  The correct answer is E .