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 1731: The main function of price mechanism is to? Options:
  A) limit consumer demand
  B) enable producers make profit
  C) allocate scarce resources among competing ends
  D) ensure consumer sovereignty
  Show Answer
  The correct answer is C .
• Question 1732:

  In perfectly elastic supply, the supply curve

  Options:
  A) is vertical
  B) is horizontal
  C) slopes upward
  D) slopes downward
  Show Answer
  The correct answer is B .
• Question 1733: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 1734: The concentration of industries in a particular geographical area is Options:
  A) localization of industries
  B) roles of industrialization
  C) location of industry
  D) strategies of industrialization
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  The correct answer is A .
• Question 1735:

  Item	Amount (Million Naira)
  Visible exports	55.54
  Visible imports	53.32
  Invisible exports	30.56
  Invisible imports	28.70
  Balance	4.08

  The amount, ₦4.08 million, shown as balance in the table represents

  Options:
  A) terms of payments
  B) balance on current accounts
  C) balance of trade
  D) terms of trade
  Show Answer
  The correct answer is B .
• Question 1736: If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be Options:
  A) a monopolistic competitor as it can have a limited influence on price
  B) a monopolist as it can have a great influence on price
  C) a perfect competitor as it cannot influence the market price
  D) an oligopolist as it can collude with other firms to have some influence on price
  Show Answer
  The correct answer is B .
• Question 1737:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 1738: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 1739: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 1740: An important feature of perfect competition is that? Options:
  A) the movement of goods and services is restricted
  B) there is adequate knowledge of existing prices
  C) prices are centrally administered
  D) individual economic units can influence prices
  Show Answer
  The correct answer is B .