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 971: Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds Options:
  A) as much to TR as to TC
  B) less to TR as to TC
  C) less to TC than to TR
  D) more to TC than to TR
  E) more to TR than to T
  Show Answer
  The correct answer is E .
• Question 972: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 973: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 974: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 975: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .
• Question 976:

  Which of the following cannot be classified as a natural resource?

  Options:
  A) Iron rod
  B) Wild life
  C) Solar energy
  D) Gold
  Show Answer
  The correct answer is A .
• Question 977: At the point where total utility begins to decline MU is Options:
  A) constant
  B) decreasing
  C) increasing
  D) negative
  E) zero
  Show Answer
  The correct answer is D .
• Question 978: The use of government revenue and expenditure to achieve set objectives is known as Options:
  A) budget
  B) fiscal policy
  C) revenue allocation
  D) monetary policy
  Show Answer
  The correct answer is B .
• Question 979: The demand for two or more commodities to satisfy a particular want is _____? Options:
  A) Derived
  B) Composite
  C) Competitive
  D) Joint
  Show Answer
  The correct answer is D .
• Question 980: The petroleum industry in Nigeria is? Options:
  A) the sole source of the nation's revenue
  B) the oldest industry in the country
  C) the mainstay of the economy
  D) a factor in the decline in the nation's foreign reserves
  Show Answer
  The correct answer is D .