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 181: If the price elasticity of demand for a certain commodity is less than unity, then? Options:
  A) an increase in the price of the commodity will raise the total revenue of the producer
  B) an increase in price leaves the total revenue unchanged
  C) a decrease in price raises the total revenue of the supplier
  D) a decrease in price leaves the total revenue constant
  Show Answer
  The correct answer is A .
• Question 182: Stocking small quantities of a variety of goods is a function of the? Options:
  A) manufacturer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is C .
• Question 183: One of the characteristics of a monopolist is that, he can influence Options:
  A) quantity produced by other producers
  B) prices charged by other producers
  C) both price and quantity
  D) price or quantity
  Show Answer
  The correct answer is C .
• Question 184: Public expenditure creates expansionary effects in the economy when it is Options:
  A) in excess of government revenue
  B) channelled into capital products
  C) diverted into imports
  D) financed through part of the year's total collection of taxes
  Show Answer
  The correct answer is B .
• Question 185: In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ? Options:
  A) quantity discounts allowed final consumer
  B) reward for business enterpreneurship
  C) effectiveness of government control over the economy's marketing channels
  D) extent of exploitation of the final consumer
  Show Answer
  The correct answer is B .
• Question 186: If a firm doubles its output and its cost increase by 60%, the firm is experiencing Options:
  A) increase cost
  B) economies of scale
  C) decreasing returns
  D) decreasing cost
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 187: The median of an odd-numbered set of scores is the Options:
  A) Middle value in the set
  B) Highest value in the set
  C) Arithmetic means of the set
  D) Most frequent occuring score
  Show Answer
  The correct answer is A .
• Question 188: 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 189: One of the major problems of product distribution in most developing countries is? Options:
  A) lack of storage facilities
  B) large number of middlemen
  C) inadequate manpower
  D) inadequate means of transportation
  Show Answer
  The correct answer is D .
• Question 190: The central bank controls the activities of other banks by all but one of the following Options:
  A) The use of bank rate
  B) The purchase or sale of government bonds on the open market
  C) special deposite
  D) the use of directives
  E) taxation
  Show Answer
  The correct answer is E .