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 421: The advantage of sole proprietorship is as follow Options:
  A) It is always successful
  B) Continuity is no problem
  C) Control and supervision is under one man
  D) Funds are easy to obtain
  E) Inter-generational equity is assured
  Show Answer
  The correct answer is C .
• Question 422: The following are types of monopolies EXCEPT Options:
  A) cartels
  B) holding companies
  C) syndicates
  D) thrifts
  E) trusts
  Show Answer
  The correct answer is D .
• Question 423: Disguised unemployment Options:
  A) exist when manpower is not being utilized efficiently
  B) calls for the implementation of five plans
  C) can be eliminated if the press is free
  D) can be eliminated if the capital output ratio is increased
  E) is a statistical artifact with no economic meaning
  Show Answer
  The correct answer is A .
• Question 424: The organization which provides credit to help countries achieve short-term balance in their balance of payment is the? Options:
  A) Economic Community of West Africa States
  B) International Monetary Fund
  C) International Bank for Reconstruction and Development
  D) African Develoment Bank
  Show Answer
  The correct answer is B .
• Question 425: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 426: If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity? Options:
  A) 0.5
  B) 0.8
  C) 1
  D) 1.5
  E) 1.8
  Show Answer
  The correct answer is B .
• Question 427: An economy in which both the public and the private sectors contribute substantially to the growth of output is? Options:
  A) a socialist economy
  B) a capitalist economy
  C) a mixed economy
  D) an industrial economy
  E) a peasant economy
  Show Answer
  The correct answer is C .
• Question 428:

  Market Schedules for Milk:

  Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
  8k	25,000	7,500
  10k	23,000	9,000
  13k	20,000	11,500
  15k	18,000	13,000
  18k	15,000	15,000
  20k	13,000	17,500
  23k	10,000	21,000
  25k	8,000	24,000

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  Options:
  A) 15k, 13,000
  B) 20k, 17,500
  C) 13k, 20,000
  D) 18k, 18,000
  E) 18k, 15,000
  Show Answer
  The correct answer is E .
• Question 429: The satisfaction derived from Die consumption of a commodity is referred o as Options:
  A) consumption
  B) demand
  C) production
  D) utility
  E) utilization
  Show Answer
  The correct answer is D .
• Question 430:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .