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 671:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .
• Question 672: Economics of scale operate only when? Options:
  A) marginal cost is falling with input
  B) average cost is falling with output
  C) fixed cost is variable
  D) variable cost is less than fixed cost
  Show Answer
  The correct answer is B .
• Question 673:

  Air is essential to life but commands no price!

  Diamond is not essential to life but commands a high?

  Options:
  A) thrift
  B) value
  C) abundance
  D) scarcity
  Show Answer
  The correct answer is B .
• Question 674: The budget of Nigeria will be deficit if Options:
  A) revenue expenditure exceeds the revenue receipts
  B) capital expenditure exceeds the capital receipts
  C) revenue and capital receipts exceeds revenue and capital receipts
  D) the government is spending more than its receipts
  E) all of the above
  Show Answer
  The correct answer is D .
• Question 675: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
  Show Answer
  The correct answer is E .
• Question 676: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 677: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
  Show Answer
  The correct answer is C .
• Question 678: The terms of trade of a country is defined as Options:
  A) $\frac{\text{Index of import prices}}{\text{Index of export prices}}$ x 100
  B) $\frac{\text{Index of exportable}}{\text{Index of importable}}$ x 100
  C) $\frac{\text{Index of visible imports}}{\text{Index of visible exports}}$ x 100
  D) $\frac{\text{Index of export prices}}{\text{Index of import prices}}$ x 100
  Show Answer
  The correct answer is B .
• Question 679: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
  Show Answer
  The correct answer is C .
• Question 680: The law of diminishing marginal utility states: Options:
  A) The supply curve slopes downward
  B) Your utility grows at a slower and slower rate as you consume more and more unit of a good.
  C) The elasticity of demand is infinite
  D) None of the above
  Show Answer
  The correct answer is B .