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 661: An increase in the price of a commodity will result in Options:
  A) a decrease in the quantity demanded
  B) an increase in demand
  C) an increase in quantity demanded
  D) a decrease in demand
  Show Answer
  The correct answer is A .
• Question 662: The short-run supply curve for medical doctors is more likely to be Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) fairly inelastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 663:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 664: Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs? Options:
  A) Interest rates
  B) Opportunity costs
  C) Economic rent
  D) Indirect costs
  E) Wages
  Show Answer
  The correct answer is C .
• Question 665:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 666:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 667: In Nigeria, government can reduce the cost of accommodation by fixing rent Options:
  A) at the prevailing rate
  B) at the equilibrium price
  C) above the equilibrium price
  D) below the equilibrium price
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  The correct answer is C .
• Question 668:

  The 2nd National Development plan in Nigeria was between

  Options:
  A) 1962 - 1968
  B) 1970 - 1974
  C) 1975 - 1980
  D) 1980 - 1985
  E) 1985 - 1990
  Show Answer
  The correct answer is B .
• Question 669: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 670: Which of these is NOT a basic economic problem of society? Options:
  A) efficiency of resource use
  B) for whom to produces
  C) how to produce
  D) scale of production
  E) what to produce
  Show Answer
  The correct answer is A .