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 1421: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 1422: The demand for labour is an example of Options:
  A) composite demand
  B) joint demand
  C) derived demand
  D) competitive demand
  Show Answer
  The correct answer is C .
• Question 1423: In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when Options:
  A) MUX = MUA
  B) MUX = PX
  C) PX = X
  D) PX = PY
  Show Answer
  The correct answer is B .
• Question 1424: The price of a good will not be affected by the imposition of a sales tax on it if the? Options:
  A) supply is inelastic
  B) demand is inelastic
  C) supply is perfectly elastic
  D) demand is perfectly elastic
  Show Answer
  The correct answer is D .
• Question 1425:

  

  The curve labeled II illustrates a system of taxation

  Options:
  A) proportional tax
  B) regressive tax
  C) value added
  D) progressive tax
  Show Answer
  The correct answer is A .
• Question 1426: According to the theory of comparative advantage specialization will result in Options:
  A) labour-intensive method of production
  B) capital-intensive method of production
  C) efficient allocation of resources
  D) efficient distribution of output
  Show Answer
  The correct answer is C .
• Question 1427: In modern economies, the Malthusian theory of population is ineffective because of Options:
  A) birth control measures
  B) technical progress
  C) government policies
  D) natural disasters
  Show Answer
  The correct answer is B .
• Question 1428: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 1429: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
  Show Answer
  The correct answer is C .
• Question 1430: When public enterprises become commercialized, it means that? Options:
  A) the product of the enterprises are further subsidized
  B) they are expected to operate with the primary aim of making profits
  C) the government has decided to divest itself of such enterprises
  D) the staff of the enterprises will be laid off
  Show Answer
  The correct answer is B .