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 791: Rent and administrative expenses are examples of Options:
  A) average fixed costs
  B) average variable costs
  C) fixed costs
  D) variable costs
  Show Answer
  The correct answer is C .
• Question 792:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 793:

  In the history of economics the concept of division of labour is usually associated With______________-

  Options:
  A) Karl Marx
  B) Adam Smith
  C) David Ricardo
  D) J.M Keynes
  Show Answer
  The correct answer is B .
• Question 794: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 795: If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to? Options:
  A) 1.25
  B) 0.80
  C) 0.50
  D) 0.40
  Show Answer
  The correct answer is A .
• Question 796: In any economy, what is used as money is determined by? Options:
  A) government acceptance commodity standard
  B) government acceptance of an inconvertible paper standard
  C) laws and customs
  D) its use as a store of value
  Show Answer
  The correct answer is A .
• Question 797: Palm oil industry is located in Bendel State because the State? Options:
  A) imports raw material for palm oil Industry
  B) is a palm tree growing area
  C) soil is unsuitable for other crops
  D) government does engage land for other crops
  E) land is suitable for oil
  Show Answer
  The correct answer is B .
• Question 798: The age distribution of a population is NOT influenced by? Options:
  A) brith rates
  B) death rates
  C) patterns of immigration
  D) patterns of emmigration
  E) school leaving age
  Show Answer
  The correct answer is E .
• Question 799:

  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 800: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
  Show Answer
  The correct answer is A .