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 361: By advertising, a monopolistic competitive firm tries to shift its Options:
  A) supply curve to the right
  B) demand curve to the right
  C) supply curve to the left
  D) demand curve to the left
  Show Answer
  The correct answer is B .
• Question 362:

  The rate of output per worker (or group of workers) per unit time is called

  Options:
  A) labour productivity
  B) total output
  C) individual output
  D) workdone
  Show Answer
  The correct answer is C .
• Question 363: A rightward shift of the budget line is caused by a Options:
  A) fall in consumer income
  B) change in consumer taste
  C) fall in the commodity relative price
  D) rise in the commodity relative price
  Show Answer
  The correct answer is D .
• Question 364: Privatization and commercialization of public enterprise in Nigeria is necessitated by Options:
  A) the IBRD conditions
  B) the government's loss of interest in them
  C) their operational inefficiency
  D) the IMF conditions
  Show Answer
  The correct answer is C .
• Question 365:

  Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

  Options:
  A) 70
  B) 47
  C) 74
  D) 40
  Show Answer
  The correct answer is C .
• Question 366: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 367: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 368: Differentiated product is the characteristic feature of? Options:
  A) perfect competition
  B) pure competition
  C) monopolistic competition
  D) monopoly
  E) oligopoly
  Show Answer
  The correct answer is C .
• Question 369: Which of the following is NOT among the canons of taxation as set out by Adam Smith? Options:
  A) Equality
  B) Security
  C) Certainty
  D) Convenience
  E) Economy
  Show Answer
  The correct answer is B .
• Question 370: The type of cost which has to be covered for a firm to continue production in the short-run is the? Options:
  A) overhead cost
  B) fixed cost
  C) marginal cost
  D) average variable cost
  Show Answer
  The correct answer is D .