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: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 702: Choice involves opportunity cost because Options:
  A) goods give different utilities
  B) available resources are inadequate
  C) there are many goods to select from
  D) not all goods have the same price
  Show Answer
  The correct answer is B .
• Question 703:

  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 704:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 705: When the marginal utility of a commodity is zero the total utility is Options:
  A) at its minimum
  B) upward-sloping
  C) downward-sloping
  D) at its maximum
  Show Answer
  The correct answer is D .
• Question 706:

  

  What is the median quantity?

  Options:
  A) 5kg
  B) 6kg
  C) 3kg
  D) 4kg
  Show Answer
  The correct answer is D .
• Question 707: The type of business organizations mostly used for producing public goods in Nigeria is Options:
  A) Sole proprietorships
  B) Limited liability companies
  C) Co-operative societies
  D) Statutory corporations
  Show Answer
  The correct answer is D .
• Question 708: If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply? Options:
  A) 2.00
  B) 0.50
  C) 1.50
  D) 1.00
  Show Answer
  The correct answer is B .
• Question 709: A tax system which takes lesser percentage of a tax payers income as his income increase is known as Options:
  A) direct tax
  B) indirect tax
  C) progressive tax
  D) proportional tax
  E) regressive tax
  Show Answer
  The correct answer is C .
• Question 710:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .