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 701: If a monopolist is incurring short-run losses, this means that his Options:
  A) selling price is above the short-run marginal cost
  B) selling price is below the short-run marginal cost
  C) average revenue is greater than marginal revenue
  D) average reveune is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 702:

  If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

  Options:
  A) 0.50
  B) 0.40
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is A .
• Question 703:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 704:

  The most important attribute of money is?

  Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptance
  Show Answer
  The correct answer is D .
• Question 705: A commercial bank is able to create money Options:
  A) by printing it
  B) by maintaining reserve
  C) by creating a demand deposit as it gives a new loan
  D) by issuing cheques to depositors
  E) by borrowing from the central bank
  Show Answer
  The correct answer is C .
• Question 706: The demand for salt is ………… Options:
  A) Elastic
  B) Inelastic
  C) Unitary elastic
  D) both a and b
  Show Answer
  The correct answer is B .
• Question 707:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 708:

  

  In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

  Options:
  A) wholly by the supplier
  B) wholly by the consumer
  C) partly by the supplier and partly by the consumer
  D) wholly by the middlemen
  E) partly by stockholder and partly by consumer
  Show Answer
  The correct answer is B .
• Question 709: Which of the following causes of inflation is related to demand-pull inflation? Options:
  A) Low productivity on farms and in firms
  B) Poor storage facilities
  C) Poor distribution system
  D) Increase in expenditure on construction
  Show Answer
  The correct answer is A .
• Question 710:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .