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 241: If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is? Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 242: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 243: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
  Show Answer
  The correct answer is A .
• Question 244: Which of the following is a disadvantage of regional concentration of industries? Options:
  A) Development of congested urban areas
  B) Existence of regional unempolyment
  C) High cost of labour
  D) Immobility of labour
  Show Answer
  The correct answer is A .
• Question 245: The number of shareholders in a private limited liability company ranges from Options:
  A) two to seven
  B) two to three
  C) two to fifty
  D) two to twenty
  Show Answer
  The correct answer is C .
• Question 246:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.The two commodities can be classified as?

  Options:
  A) Substitutes
  B) durable and non-durable
  C) intermediate and final
  D) complements
  Show Answer
  The correct answer is A .
• Question 247: One of the important features of perfect competition is_____? Options:
  A) Adequate knowledge of existing prices
  B) The influence on prices by individual economic units
  C) The restriction in terms of movement of goods and services
  D) The administration of a centralized price system
  Show Answer
  The correct answer is A .
• Question 248:

  

  The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

  Options:
  A) Q₃
  B) Q₄
  C) Q₁
  D) Q₂
  Show Answer
  The correct answer is A .
• Question 249:

  

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .
• Question 250: One of the criticisms of the price mechanism is that Options:
  A) producers are sovereign
  B) it provides low degree of freedom
  C) it widens the inequitable gap
  D) consumers are sovereign
  Show Answer
  The correct answer is D .