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 781:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  What is the median wage?

  Options:
  A) ₦8.00
  B) ₦5.00
  C) ₦11.00
  D) ₦6.50
  Show Answer
  The correct answer is D .
• Question 782: Money market differs from capital market in that it? Options:
  A) deals with short-term loans while capital market deals with long-term funds
  B) deals with money only while capital market deals with capital as well
  C) is limited in scope while capital market is not
  D) uses interest rate while capital does not
  Show Answer
  The correct answer is A .
• Question 783: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 784: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• Question 785:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 786: The Nigerian Trust Fund is managed on behalf of Nigeria by the? Options:
  A) World Bank
  B) International Monetary Fund
  C) African Development Bank
  D) Economic Commission for Africa
  Show Answer
  The correct answer is C .
• Question 787: The willingness of an individual backed up with purchasing power at a given time is Options:
  A) demand
  B) desire
  C) effective demand
  D) utility
  E) want
  Show Answer
  The correct answer is C .
• Question 788: Price elasticity of supply measures the responsiveness of quantity supplied to Options:
  A) a change in the demand for the product V
  B) a change in the price of the commodity
  C) changes in consumers
  D) changes in prices of other commodities
  E) changes in suppliers income
  Show Answer
  The correct answer is B .
• Question 789: In the demographic transition theory, stage II represents a stage where Options:
  A) declining birth rates with low death rates lead to little or no population growth
  B) high birth rate with low death rates lead to no population growth
  C) there is population growth due to high birth rates and low death rates at that stages
  D) there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
  E) there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
  Show Answer
  The correct answer is D .
• Question 790: At the point where marginal revenue of a monopolist is equal zero, its total revenue will be? Options:
  A) falling
  B) rising
  C) equal to zero
  D) maximum
  Show Answer
  The correct answer is A .