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 611: One of the important features of perfect competition is_____? Options:
  A) Adequate knowledge of existing prices
  B) The influence on prices by individual economic units
  C) The restriction in terms of movement of goods and services
  D) The administration of a centralized price system
  Show Answer
  The correct answer is A .
• Question 612:

  An exceptional demand curve can result from

  Options:
  A) increase in price of raw materials
  B) increase in the size of the population
  C) expectation of future price increase
  D) change in taste of consumer
  Show Answer
  The correct answer is C .
• Question 613: Which of the following is applicable in a wholly capitalist economy? Options:
  A) There is government intervention in price determination
  B) Consumer sovereignty does not exist
  C) The price mechanism allocates resources
  D) Households cannot freely decide what to spend on goods and services
  Show Answer
  The correct answer is C .
• Question 614: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 615: Which of the following producer is closest to being a monopolist? Options:
  A) A baker
  B) A wheat farmer
  C) A large chain store
  D) An automobile plant
  Show Answer
  The correct answer is D .
• Question 616: In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are? Options:
  A) profitable to the production process
  B) purchased for the purpose of production
  C) combined in the production process
  D) provided adequately for the production process
  E) brought into the factory
  Show Answer
  The correct answer is C .
• Question 617: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 618:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 619: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 620:

  The petro-chemical industries are located in Rivers State of Nigeria due to ________

  Options:
  A) Coal deposit
  B) Palm oil products
  C) Favourable soil
  D) Oil deposits
  Show Answer
  The correct answer is D .