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 111:

  Overpopulation is caused by

  Options:
  A) emigration
  B) disease
  C) low Literacy rates
  D) war and conflicts
  Show Answer
  The correct answer is C .
• Question 112:

  

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The tax imposed is borne

  Options:
  A) totally by the consumer
  B) totally by the producer
  C) equally by both the consumer and the producer
  D) by the the government
  Show Answer
  The correct answer is A .
• Question 113: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 114: The import-substitution strategy of industrialization is to encourage Options:
  A) domestic production
  B) large-scale production
  C) importation
  D) exportation
  Show Answer
  The correct answer is A .
• Question 115: 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 116: The relationship between the value of money and the price level is? Options:
  A) direct
  B) unpredictable
  C) diverse
  D) inverse
  Show Answer
  The correct answer is D .
• Question 117: When marginal cost equals marginal revenue of products Options:
  A) the firms is producing at a loss
  B) the firm is at a break-even point
  C) the firm is making the least profit
  D) the supplementary cost of the firm is highest
  E) the firm has maximum profit
  Show Answer
  The correct answer is B .
• Question 118: Choice in economic life is necessitated by? Options:
  A) the need to construct scale of preference
  B) the opportunity cost of consumption
  C) unlimited wants
  D) scarcity of economic resources
  Show Answer
  The correct answer is D .
• Question 119: Which of the following does NOT represent the behavior of a monopolist? Options:
  A) Manipulating the market price of his goods
  B) Manipulating both the price and quantity of his goods at the same time
  C) Raising the price at one market, lowering it at another market
  D) Manipulating only quantity, price being a given factor
  E) Manipulating the quantity of his goods
  Show Answer
  The correct answer is B .
• Question 120:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .