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 2781: Which of the following is a condition necessary Options:
  A) Few sellers and buyers
  B) Free entry and exist
  C) Homogeneous goods
  D) Lack of preferential treatment
  E) Many callers and buyers
  Show Answer
  The correct answer is A .
• Question 2782: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
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  The correct answer is C .
• Question 2783: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 2784: When public enterprises become commercialized, it means that? Options:
  A) the product of the enterprises are further subsidized
  B) they are expected to operate with the primary aim of making profits
  C) the government has decided to divest itself of such enterprises
  D) the staff of the enterprises will be laid off
  Show Answer
  The correct answer is B .
• Question 2785: If a firm doubles all inputs in the long run and the total output is less than doubled, this results in Options:
  A) diminishing returns
  B) constant returns to scale
  C) increasing returns to scale
  D) decreasing returns to scale
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  The correct answer is D .
• Question 2786:

  A supply curve slopes upwards from the left to the right indicating__________

  Options:
  A) a negative slope
  B) a positive slope
  C) a backward sloping supply curve
  D) short-run supply curve
  Show Answer
  The correct answer is B .
• Question 2787: If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was Options:
  A) structurally unemployed
  B) frictionally unemployed
  C) seasonally unemployed
  D) cyclically unemployed
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  The correct answer is B .
• Question 2788:

  

  From the graph above, fixing maximum price of garri below equilibrium prices at P₁ will

  Options:
  A) Encourage the production of garri
  B) Create an excess supply of garri
  C) Increase the consumption of garri
  D) Decrease the consumption of garri
  Show Answer
  The correct answer is C .
• Question 2789:

  One of the major criticism of the 1962 -1968 National Development Plan was that?

  Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's independence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foregn-sourced financial resources
  Show Answer
  The correct answer is A .
• Question 2790: Which of the following is NOT a factor determining supply? Options:
  A) cost of production
  B) climatic condition or weather
  C) income of the producers
  D) number of producers
  E) technological development
  Show Answer
  The correct answer is A .