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 371: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 372: If a firm is faced with an elastic supply curve, its revenue will Options:
  A) be supplied at a higher price
  B) double at a higher price
  C) increase by more than the percentage increase in price
  D) equal percentage change in price
  Show Answer
  The correct answer is C .
• Question 373: Two basic features common to an industry are Options:
  A) production processes and source of capital
  B) source of capital and labour supply
  C) similarity of products and source of raw materials
  D) similarity of products and production processes
  Show Answer
  The correct answer is D .
• Question 374: Demand for a factor of production is? Options:
  A) a composite demand
  B) a joint demand
  C) a derived demand
  D) an elastic demand
  E) cross-elasticity of demand
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  The correct answer is C .
• Question 375: A firm operating at full capacity will have a Options:
  A) perfectly inelastic supply curve
  B) perfectly elastic supply curve
  C) fairly elastic supply curve
  D) fairly inelastic supply curve
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  The correct answer is A .
• Question 376: Nigeria is currently implementing the? Options:
  A) third development plan
  B) second development plan
  C) fourth development plan
  D) fifth development plan
  Show Answer
  The correct answer is C .
• Question 377: If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is Options:
  A) 66.7
  B) 0.5
  C) 1.5
  D) 2.0
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  The correct answer is D .
• Question 378: One of the factors affecting change in demand for a commodity is the _______? Options:
  A) Supply of the commodity
  B) Availability of the substitutes
  C) Price of the commodity
  D) Technical know-how
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  The correct answer is C .
• Question 379: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 380:

  

  The excess profit made by the firm in the short-run is represented by

  Options:
  A) ORTZ
  B) OPVY
  C) ORTW
  D) ORSX
  Show Answer
  The correct answer is A .