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 61: Insurance companies invest mainly in instruments trade on the? Options:
  A) capital market
  B) Money market
  C) commodity market
  D) open market
  Show Answer
  The correct answer is A .
• Question 62: If all factors are variable in the long run,firms will experience Options:
  A) decreasing returns to scale
  B) increasing returns to scale
  C) diminishing returns
  D) economies of scale
  Show Answer
  The correct answer is B .
• Question 63:

  

  What type of price elasticity of demand is the diagram above representing?

  Options:
  A) perfectly inelastic demand
  B) perfectly elastic demand
  C) fairly elastic demand
  D) composite demand
  Show Answer
  The correct answer is A .
• Question 64:

  

  The curve labeled II illustrates a system of taxation

  Options:
  A) proportional tax
  B) regressive tax
  C) value added
  D) progressive tax
  Show Answer
  The correct answer is A .
• Question 65:
  

  The diagram above represent

  Options:
  A) perfect competition
  B) mononpoly
  C) demand curve
  D) competitive market
  Show Answer
  The correct answer is B .
• Question 66: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .
• Question 67: The effect of emigration on a country's population, all other things remaining equal, is to Options:
  A) increase its size
  B) cause overpopulation
  C) increase its growth rate
  D) reduce the proportion of children
  E) reduce its size
  Show Answer
  The correct answer is E .
• Question 68: ECOWAS has taken a giant step towards economic integration by? Options:
  A) presenting a united front against foreign economic exploiters
  B) introducing a common currency for travellers
  C) holding frequent meeting at various state capitals
  D) increasing economic stability among members states
  Show Answer
  The correct answer is D .
• Question 69: The sloping downward of the demand curve implies that? Options:
  A) an increase in price leads to an increase in quantity demanded
  B) an increase in price leaves the quantity demanded unchanged
  C) a decrease in price leads to a decreased in quantity demanded
  D) a decrease in price leads to an increase in quantity demanded
  E) supplies respond by offering less commodities for sale
  Show Answer
  The correct answer is D .
• Question 70: Price control cannot work in Nigeria because Options:
  A) the population is too large
  B) the policemen hate to arrest people
  C) while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
  D) control cannot work under military rule
  E) too many things are produced in the country
  Show Answer
  The correct answer is C .