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: A market where there are many differentiated products is called? Options:
  A) monopoly
  B) perfect competition
  C) monopolistic competition
  D) oligopoly
  Show Answer
  The correct answer is C .
• Question 2322: The advantages that accrue to a firm as the size of the firm increases are known as Options:
  A) external diseconomies
  B) internal returns to scale
  C) internal economies
  D) internal diseconomies
  E) constant returns to scale
  Show Answer
  The correct answer is C .
• Question 2323: The concept of economic efficiency primary refers to? Options:
  A) obtaining the maximum output from available resources at the lowest cost
  B) conservation of our petroleum resources
  C) equity in the distribution of the nation's wealth
  D) producing without waste
  E) the limited wants-unlimited resources dilemma
  Show Answer
  The correct answer is A .
• Question 2324: We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because Options:
  A) it is the dependent population of Nigeria, economically
  B) all student in Nigeria are in this group
  C) more than 50% of all Nigerians are in this group
  D) it is the most expensive group of the economy
  E) it is the productive group of the economy
  Show Answer
  The correct answer is E .
• Question 2325: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 2326:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2327:

  Consider the following figures which refer to a firm's production department during one week:

  Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

  Total variable costs incurred during the week are

  Options:
  A) ₦7,300
  B) ₦7,100
  C) ₦1,300
  D) ₦1,100
  Show Answer
  The correct answer is B .
• Question 2328:

  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 2329:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .
• Question 2330: Localization of industries in Nigeria is mainly influenced by Options:
  A) market size
  B) population groupings
  C) raw materials
  D) external economies
  Show Answer
  The correct answer is D .