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:

  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 2782:

  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 2783: Find the arithmetic mean of the following set of scores 12, 4, 2, 8, and 14 Options:
  A) 8
  B) 10
  C) 12
  D) 14
  E) 30
  Show Answer
  The correct answer is A .
• Question 2784: The condition for equilibrium price and quantity under perfect competition is? Options:
  A) MC = AR = TR
  B) TC =AR = P
  C) MC = AR = P
  D) MC = AR = TC
  Show Answer
  The correct answer is C .
• Question 2785: If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys Options:
  A) economies of scale
  B) specialization
  C) division of labour
  D) diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 2786: Fixing price above equilibrium will cause Options:
  A) demand and supply to remain constant
  B) an increase in quantity supplied
  C) an increase in supply
  D) a decrease in quantity supplied
  Show Answer
  The correct answer is B .
• Question 2787:

  Cooperative societies are formed mainly to

  Options:
  A) assist producers to maximize their profits
  B) encourage thrift and credit among members
  C) promote and maintain the welfare of members
  D) break the monopolies of private companies
  Show Answer
  The correct answer is C .
• Question 2788: 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 .
• Question 2789: The term 'Stock of Capital 'means? Options:
  A) amount of money necessary to start a business
  B) total amount receivable by all factors of production
  C) amount of equipment plant and inventory existing at a time
  D) total amount available for economic development
  Show Answer
  The correct answer is C .
• Question 2790: Of what importance is a wholesaler in the chain of distribution? Options:
  A) creation of artificial scarcity
  B) bulk breaking
  C) formation of trade unionism
  D) hoarding of goods
  E) making prompt payment to producers
  Show Answer
  The correct answer is B .