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 321: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 322:

  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 323: A profit maximizing monopolist should produce within the range where his demand is Options:
  A) Inelastic
  B) Elastic
  C) Infinitely elastic
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 324: The amount of labour a producer hires relative to labour factor inputs depends on the? Options:
  A) price of labour or it wage
  B) price of labour, machinery and other inputs
  C) price of machinery
  D) price of the other inputs
  E) type of machinery
  Show Answer
  The correct answer is B .
• Question 325: The difference between visible exports and invisible exports of a country, in money terms, is known as the? Options:
  A) Balance of trade
  B) Balance of payments
  C) Terms of trade
  D) Foreign reserves
  E) Special drawing right
  Show Answer
  The correct answer is B .
• Question 326:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 327: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 328: What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit? Options:
  A) The industry has many differentiated products
  B) The industry is characterized by rapid technological change
  C) The industry consist of large number of producers
  D) There are significant barriers to prevent firms entering the market
  Show Answer
  The correct answer is D .
• Question 329: The function of moneyas a standard of deferred payments Options:
  A) Make possible for an individual to build up store of many things for future use
  B) Makes it possible for payment to be postponed from the present to a future date
  C) Facilitate the exchange of goods
  D) Makes easy calculations possible
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 330:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .