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 1361: Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is Options:
  A) elastic in both markets
  B) uniltary elastic in both market
  C) inelastic in both markets
  D) elastic in one market and inelastic in the other
  E) unitary elastic in none of the markets
  Show Answer
  The correct answer is D .
• Question 1362:

  The population density of a town made up of 50 square kilometer land area and 100 million people is________

  Options:
  A) 50,000 people per square kilometer
  B) 2 million people per square kilometer 
  C) 0.5 million people per square kilometer
  D) 20 million people per square kilometer
  Show Answer
  The correct answer is B .
• Question 1363:

  ECOWAS was formed for the purpose of________

  Options:
  A) promoting co-operation and integration
  B) to facilitate the expansion of international trade
  C) to provide insurance
  D) to insure new investment
  Show Answer
  The correct answer is A .
• Question 1364: If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x? Options:
  A) 7.0
  B) 6.0
  C) 8.5
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 1365:

  A method of analysis that draws conclusions from data rather than general Principles already known is________

  Options:
  A) Deductive reasoning
  B) Inductive reasoning
  C) Normative reasoning
  D) Positive reasoning
  Show Answer
  The correct answer is B .
• Question 1366: A good indicator of economic development is an increase in Options:
  A) gross national product
  B) per capital income
  C) real national income
  D) real per capital income
  Show Answer
  The correct answer is B .
• Question 1367: Which of the following is not a direct tax? Options:
  A) company income tax
  B) capital tax
  C) purchase tax
  D) personal income tax
  E) capital gain tax
  Show Answer
  The correct answer is C .
• Question 1368: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 1369:

  

  Which of the following statements does NOT describe a situation of perfect competition?

  Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into and exit out of , the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 1370:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .