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 2421: pricing and output decisions of sellers are highly interdependent in markets known as? Options:
  A) oligopoly
  B) perfect competition
  C) monopoly
  D) monopolistic competition
  E) imperfect competititon
  Show Answer
  The correct answer is A .
• Question 2422:

  A group formed to enable members adopt a common policy in labour negotiation is known as?

  Options:
  A) Employer’s association
  B) Craft Union
  C) Trade union
  D) Employee’s union
  Show Answer
  The correct answer is A .
• Question 2423: Gains from trade depends on? Options:
  A) comparative advantage
  B) absolute advantage
  C) distributive cost advantage
  D) absolute cost advantage
  Show Answer
  The correct answer is A .
• Question 2424: One`of the limitations PPC assumption is that there is Options:
  A) no indication of technological development
  B) no recognition of preferred goods for countries
  C) technical inefficiency
  D) abundant resources
  Show Answer
  The correct answer is B .
• Question 2425:

  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 2426: An inverse relationship between price and quantity demanded implies that Options:
  A) the two variables change in opposite directions
  B) the two variables change in the same direction
  C) only one variable changes
  D) the two variables remain unchanged
  Show Answer
  The correct answer is A .
• Question 2427: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 2428: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 2429: If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is? Options:
  A) W -P - R - Z
  B) W + P + Z - R
  C) P - R - Z + W
  D) W + P + R + Z
  Show Answer
  The correct answer is D .
• Question 2430: The term of trade can be expressed as Options:
  A) (Price index of export ÷ Price index of export)× 100
  B) (price index of import ÷ price index of export) × 100
  C) (Price index of export ÷ Price index of import)× 100
  D) (Price index of export ÷ Price index of import)× 100
  Show Answer
  The correct answer is C .