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 781: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 782: In a perfect competition, every firm is a price? Options:
  A) maker
  B) taker
  C) giver
  D) bidder
  Show Answer
  The correct answer is B .
• Question 783:

  A group formed to enable members adopt a common policy in labour negotiation is known as?

  Options:
  A) Employer’s association
  B) Craft Union
  C) Trade union
  D) Employee’s union
  Show Answer
  The correct answer is A .
• Question 784: One of the dangers of the localization of industries is? Options:
  A) residual employment
  B) mass unemployment
  C) structural unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 785:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .
• Question 786:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 787: Two basic features common to an industry are Options:
  A) production processes and source of capital
  B) source of capital and labour supply
  C) similarity of products and source of raw materials
  D) similarity of products and production processes
  Show Answer
  The correct answer is D .
• Question 788: An important factor hindering the rapid development of the industrial sector in Nigeria is Options:
  A) rural-urban migration
  B) excessive demand for finished products
  C) inadequate infrastructural facilities
  D) the dominace of the oil sector
  Show Answer
  The correct answer is C .
• Question 789:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 790: 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 .